What is the primary definition of 'needs' in economics?
Goods that enhance quality of life
Essential requirements for survival and well-being such as food, clothing, and shelter
Products people wish to buy but cannot afford
Items available in unlimited supply
Which of the following best describes the term 'insatiable wants'?
Wants that can be fully satisfied over time
Wants that are limited in nature
Unlimited human wants that are never fully satisfied
Wants that are only driven by affordability
Economics is best described as:
The study of money and banking only
The science of constrained choices and allocation of scarce resources to meet unlimited human wants
A guaranteed path to business success
The study of government taxation
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The IIT Madras BS Business Data Management (BDM) Quiz 1 paper sat on 19 Jul 2026, in the May 2026 term: 23 questions for 50 marks in 120 minutes. The first 3 questions are below. Sign in with Google — it is free — to see the whole paper with its answers and explanations, in learning mode or as a timed mock test.
| Feature | BDM Quiz 1 19 Jul 2026 at a glance |
|---|---|
| Term | May 2026 term |
| Subject | Business Data Management |
| Course code | BSMS2001 |
| Questions | 23 |
| Marks | 50 |
| Duration | 120 min |
| MCQ | 23 |
| Official paper | Business Data Management 16 Jul 26 |
| Negative marking | No negative marking. |
| Updated |
