BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -False. It is not true to say that someone’s wants are essential for survival. Wants are in a category of a desire and not necessity, and they are unlimited, and resources to satisfy them are limited. Due to their characteristics, such as changing over time, they are inessential for survival.

Detailed explanation-2: -With respect to individual desires for goods/services, there is no such thing as a ‘need’; there are only ‘wants’. Thus, our answer is: TRUE. Needs and wants differ from one another in terms of their nature.

Detailed explanation-3: -Food, water, clothing, and shelter are all needs. If a human body does not have those things, the body cannot function and will die. Wants are things that a person would like to have but are not needed for survival. A want may include a toy, expensive shoes, or the most recent electronics.

Detailed explanation-4: -A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else.

Detailed explanation-5: -First and most important wants are obviously necessaries for life. These include food, water, clothing, shelter, etc. And then there are necessaries that improve our efficiency and well being like comfortable housing, nourishing foods, etc.