BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Something that you do not necessarily need it, but you still want it for luxurious lifestyle.
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Something that is needed to live
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Something that you cannot live without it
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Something that you like.
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Detailed explanation-1: -Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for. Luxuries: This is the third category of items which are the most attractive and most dangerous.
Detailed explanation-2: -Definition and examples. Luxuries or luxury goods or services, are things that are not essential, but which we believe make life more pleasant. Consumers like luxuries and are willing to pay high prices for them.
Detailed explanation-3: -Food, water, and utilities used to live in a house or an apartment would likely be considered necessity goods for most people. Luxury items can also refer to services, such as full-time or live-in chefs and housekeepers.
Detailed explanation-4: -Necessities are thus goods on which poorer people spend a larger proportion of their incomes than richer people. A necessity is contrasted with a luxury, which is a good or service whose consumption rises more than in proportion to increases in income.