ECONOMICS
BUDGETING
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Wants
|
|
|
Needs
|
|
|
Opportunity costs
|
|
|
Fixed expense
|
Detailed explanation-1: -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.
Detailed explanation-2: -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.
Detailed explanation-3: -We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
Detailed explanation-4: -Needs are considered as the basic items essential for human survival. Food, water, and shelter are examples of needs. Wants are anything that we desire or would like to have. Wants can be for entertainment purposes, or tools that make our lives easier.
Detailed explanation-5: -In short, needs are things that satisfy the basic requirement. Wants are requests directed to specific types of items. Demands are requests for specific products that the buyer is willing to and able to pay for. In a consumer market examples are usually very clear to identify.