Things That People Require in Order to Survive, Such as Food

question 116

Multiple Choice

Things that people require in order to survive, such as food, are called ________.

• A) secondary needs
• B) primary needs
• C) survival goals
• D) sufficiency items

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Definitions:

Irving Fisher

An American economist known for his work in the field of economics, including the theory of interest and the equation of exchange.

Tax on Consumption

A levy placed on the spending on goods and services, often implemented through sales tax or value-added tax (VAT).

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Saving

The process of setting aside a portion of current income for future use, either by depositing money in a bank or purchasing financial instruments.