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Grade 7 Needs vs. Wants quiz with answers

Hey there! πŸ‘‹ Need to ace your Social Studies quiz on Needs vs. Wants? πŸ€” I've got you covered! Check out this quick study guide and quiz to test your knowledge. Good luck!
πŸ›οΈ Social Studies

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jessica.cline Jan 1, 2026

πŸ“š Quick Study Guide

  • 🏠 Needs: Things essential for survival, like food, water, shelter, and basic clothing. Think of them as the things you *have* to have.
  • πŸ‘• Wants: Things that you desire but aren't essential for survival. They improve the quality of life but are not necessary.
  • βš–οΈ Scarcity: The fundamental economic problem that our wants are unlimited, but resources are limited. This forces us to make choices.
  • πŸ’Έ Opportunity Cost: The value of the next best alternative when making a decision. When you choose to buy a new video game, the opportunity cost might be a pair of shoes you needed.
  • 🎯 Decision Making: Balancing needs and wants requires careful decision-making, considering factors like cost, benefits, and opportunity cost.
  • 🌱 Impact on Society: Understanding needs and wants is crucial for understanding economic systems and consumer behavior in society.

πŸ“ Practice Quiz

  1. Which of the following is the BEST example of a NEED?
    1. A brand new smartphone
    2. Designer shoes
    3. Nutritious food
    4. A fancy car
  2. Which of the following is the BEST example of a WANT?
    1. Clean drinking water
    2. A warm coat in winter
    3. A gaming console
    4. Basic medical care
  3. Scarcity refers to:
    1. Having unlimited resources
    2. Having limited wants
    3. Having unlimited wants and limited resources
    4. Having more needs than wants
  4. Opportunity cost is:
    1. The cost of all your needs
    2. The cost of all your wants
    3. The value of the next best alternative when making a decision
    4. The total cost of all your choices
  5. Which of the following is NOT a basic NEED?
    1. Shelter
    2. Clothing
    3. Entertainment
    4. Food
  6. Understanding the difference between needs and wants helps us:
    1. Make better financial decisions
    2. Ignore our desires
    3. Spend all our money
    4. Avoid making choices
  7. If you choose to buy a movie ticket instead of a book, the book represents your:
    1. Need
    2. Want
    3. Opportunity Cost
    4. Investment
Click to see Answers
  1. C
  2. C
  3. C
  4. C
  5. C
  6. A
  7. C

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