INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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need
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want
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services
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goods
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Detailed explanation-1: -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-2: -There are eight minimal physiological requirements for survival. These are: air, water, food, shelter, sanitation, sleep, space, and touch.
Detailed explanation-3: -Food, water, and shelter are examples of needs. Wants are anything that we desire or would like to have. Wants can be for entertainment purposes, or tools that make our lives easier.
Detailed explanation-4: -Wants are the means by which you fulfill your needs. There are many different wants that are able to fulfill your needs. Under the economic perspective, people are rational actors that continually make decisions to maximize the fulfillment of their needs and wants.