INTRODUCTION TO ENTREPRENEURSHIP
CHARACTERISTICS OF AN ENTREPRENEUR
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Needs are goods and wants are services.
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Needs are necessary for survival, wants are nice to have.
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Needs are nice to have, wants are necessary for survival.
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Needs are services and wants are goods.
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Detailed explanation-1: -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. Needs are important for the human being to survive.
Detailed explanation-2: -A need is something that is needed to survive. A want is something that an individual desires, but would be able to live without. A primary distinguishing feature of a need is that it is necessary to sustain life.
Detailed explanation-3: -Defining needs and wants A need is something that is 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-4: -A need is an essential requirement or a necessity whereas a want is a desire. The fulfilment of needs is essential for one’s survival whereas fulfilment of wants is not essential for one’s survival. This is the main difference between needs and wants.
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.