ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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needs=other thingswants=survival
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needs=survival wants=other things
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Either A or B
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None of the above
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Detailed explanation-1: -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-2: -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-3: -Need or Needs: Need and needs both words are used differently in the English language. “Need” occurs when it is stated for more than one people whereas “Needs” is used when the statement is formed for a single person.
Detailed explanation-4: -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-5: -Needs are the things you can’t get by without, such as a place to live and food to eat. Wants are things that are nice to have but not absolutely necessary, such as entertainment or gym memberships.