ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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NEEDS
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WANTS
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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: -Food, water, clothing, and shelter are all needs. If a human body does not have those things, the body cannot function and will die. Wants are things that a person would like to have but are not needed for survival. A want may include a toy, expensive shoes, or the most recent electronics.
Detailed explanation-3: -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.
Detailed explanation-4: -An individual needs are limited while his wants are unlimited. Needs are something that you must have, in order to live. On the contrary, wants are something that you wish to have, so as to add comforts in your life. Needs represents the necessities while wants indicate desires.