ECONOMICS
DECISION MAKING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Needs
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Alternatives
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Desires
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Wants
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Requirements
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Detailed explanation-1: -Food, water, clothing, and shelter are all needs . A want is something you would like to have, but it is not necessary for your survival. Books, CDs, and toys are all wants. Wants make life more enjoyable, but they are not necessary for survival.
Detailed explanation-2: -Reproduction is not essential for the survival of an organism but it is required to prevent the species from extinction.
Detailed explanation-3: -Food, water, clothing, sleep, and shelter are the bare necessities for anyone’s survival. For many people, these basic needs can not be met without the aid of charitable organizations.
Detailed explanation-4: -A want, in economics, is one step up in the order from needs and is simply something that people desire to have, that they may, or may not, be able to obtain.
Detailed explanation-5: -Physiological Survival Needs: Air. Water. Food. Safety and Security Needs: Free from dangers. Need for Belongingness. Social Acceptance. Social Interaction. Social Affiliation. Need for Esteem. Self-worth, Competence, Skill(s) Appreciation, Recognition, Respect. Need for Self-Actualization. Physical. Emotional.