BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Necessities
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Luxuries
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Comforts
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Secondary
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Detailed explanation-1: -Answer. Your question’s answer is (d) Necessities.
Detailed explanation-2: -We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
Detailed explanation-3: -ii)secondary wants: are those that one can do without but they make life confortable. E.g motor vehicles, mobile phone, entertainment etc. features of secondary wants:-They arise as individuals standard of living changes.
Detailed explanation-4: -The primary needs are the basic requirements according to biological demands like oxygen for breathing, water for overcoming thirst, food for living and shelter. The humans cannot live without primary needs. Secondary needs: The secondary needs are the needs that remain even after the primary needs are satisfied.