ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The end result of something a person intends to acquire, achieve, do, reach, or accomplish
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Something thought to be a necessity or essential items required for life
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A fundamental belief or practice about what is desirable, worthwhile, and important to an individual
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Something unnecessary but desired or items which increase the quality of living
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Detailed explanation-1: -A need is something thought to be a necessity or essential items required for life. Examples include food, water, and shelter. A want is something unnecessary but desired or items which increase the quality of living. Examples include a car stereo, CD’s, car, and designer clothes.
Detailed explanation-2: -What Are Needs? (A Definition) A need can be defined as a “physiological or psychological requirement for the well-being of an organism” (Merriam-Webster, n.d.). In other words, a need is something that you can’t be okay without. This can range from food and water to human contact and socialization.
Detailed explanation-3: -Needs Definition in Economics In economics, a need refers strictly to anything a human being needs for their survival. Economically speaking, this is a rather short list. Water is our most essential need.
Detailed explanation-4: -n. 1. a condition of tension in an organism resulting from deprivation of something required for survival, well-being, or personal fulfillment. 2. a substance, state, or any other thing (e.g., food, water, security) whose absence generates this condition.
Detailed explanation-5: -In economics, a need is something needed to survive while a want is something that people desire to have, that they may, or may not, be able to obtain.