Difference Between Needs and Wants

Something we cannot do without if we wish to survive.

Expensive jeans

Primary needs are essential for survival, while secondary needs are desires that are not necessary for survival.

<p>We cannot survive without it.</p> Signup and view all the answers

<p>A shoe is an example of a good because it is a tangible item that can be seen, felt, and touched.</p> Signup and view all the answers

<p>Goods are tangible items like a shoe that can be touched, while services are intangible like the service of a security guard keeping us safe at night.</p> Signup and view all the answers

<p>Businesses study people's needs and wants to ensure that they produce products or services that are in demand, leading to customer satisfaction and business success.</p> Signup and view all the answers

<p>The service of a security guard is intangible and involves an action (keeping us safe), making it a service rather than a physical product like a good.</p> Signup and view all the answers

<p>Goods and services are produced to satisfy people's needs and wants by providing them with either tangible products (goods) or intangible actions/tasks (services) that fulfill their requirements.</p> Signup and view all the answers