INTRODUCTION TO ENTREPRENEURSHIP
TYPES OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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both needs and wants are goods
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both needs and wants are services
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both wants and needs are things people must have
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both needs and wants are things people use
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Detailed explanation-1: -Some categories have both needs and wants. For instance, food could be a need or a want, depending on the type of food. You need to eat protein, vitamins, and minerals. How you get them is up to you (and your family).
Detailed explanation-2: -Some needs to consider are food, rent or mortgage, utilities, and other expenses. Transportation costs, insurance coverage, and any clothing and tools you need for work are included in this part of your budget. A want includes expenses that you can comfortably live without and is not essential for survival.
Detailed explanation-3: -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.