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 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. Depending upon what a person defines as a need or a want will influence his/her financial decisions.
Detailed explanation-2: -In economics, a want is something that is desired. It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us).
Detailed explanation-3: -Nature of Human Wants. All the desires and aspirations and motives of humans are known as human wants in economics. And the wants that can be satisfied with goods and services of any kind are economic wants. Like for example food, shelter, clothing, etc are economic human wants.
Detailed explanation-4: -Defining needs and wants. 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: -Economic and Non-Economic Wants: Economic wants are related to commodities and can be satisfied using money. While non-economic wants are something which money and goods cannot suffice, like peace, affection, etc.