ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -Needs and wants differ from one another in terms of their nature. Needs are the necessities we have; in other words, without needs, we can’t continue living. For example, air, food, water: without the consumption of these goods, it isn’t possible for us to live.
Detailed explanation-2: -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-3: -We have different types of interests, careers, hobbies, and lifestyles. However, as diverse as we are, we all share the same basic human needs. The original concept of, “basic human needs” was written about by humanistic psychologist Abraham Maslow.
Detailed explanation-4: -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.