ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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needs
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expenses
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wants
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budgets
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Detailed explanation-1: -Wants are things you choose to buy but could live without, such as: Entertainment.
Detailed explanation-2: -Needs include air, food, water, clothing and shelter. Wants are things that we would like to have, such as toys and games. Sometimes needs and wants overlap. For example, a person needs food to survive, but he doesn’t need ice cream.
Detailed explanation-3: -First and most important wants are obviously necessaries for life. These include food, water, clothing, shelter, etc. And then there are necessaries that improve our efficiency and well being like comfortable housing, nourishing foods, etc.
Detailed explanation-4: -Necessities, Comforts, and Luxuries: Necessities are those commodities that are essential for human survival. These are the most important wants, including clothes, food, shelter, etc. Among the necessities are the wants which help in increasing efficiency. These include diet foods, a better home, etc.
Detailed explanation-5: -Travel. Entertainment. Designer clothing. Gym memberships. Coffeehouse drinks. 17-Dec-2019