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26 Cards in this Set
- Front
- Back
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Difference between a need and a want |
Need A need is something that we cannot do without we want to survive aka primary needs e.g. oxygen, food and water Want A desire or craving for certain things that we would like to have aka secondary needs e.g. expensive means
Everything other than a roof over your head, food and water, basic health care and clothing, is a want |
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Natural needs and wants |
Need for food, clothing, love, power, sympathy, relaxation, happiness and comfort |
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Essential needs |
People cannot survive without them Food, housing and health services |
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Luxury wants |
Expensive furniture and clothes and a motor car |
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Need for safety, security and protection |
People need protection against criminals and disasters |
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Spiritual needs and wanrs |
People have an internal need for religious or spiritual values |
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Cultural needs |
People have a need to belong to a certain cultural group The cultural life of different people differs a lot and so do their needs |
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Basic needs of individuals and families |
Individual needs and wants depend on personal likes and dislikes and the money available |
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Basic needs of communities |
Proper roads etc |
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Basic needs of a country |
A country gets it's income or revenue mainly from taxes This money is then used to satisfy the needs and wants of the country |
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Primary and secondary needs |
Abraham Maslow, an American professor used a pyramid to show the different kinds of needs and wants He believed that to be happy, we have to meet our survival needs first |
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Physiological needs |
Food, water, oxygen and warmth |
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Safety and security needs |
Safety of body, health, property and famiky |
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Social needs |
Love, belonging, family and friendship |
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Esteem needs |
The need for confidence, achievement and respect |
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Self-actualisation needs |
The need for self-development and creativity |
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Unlimited wants |
The basic economic problem is that needs and wants are unlimited, while the resources to satisfy them are limited |
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Needs and wants are unlimited |
People have many needs and wants and as soon as a need or want is satisfied, another one takes place |
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Needs and wants have limited intensity |
Sometimes the satisfaction of having a need or want metadata only a short time, and in other cases it is more permanent |
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Needs and wants compete with one another (supplementary) and can replace one another |
A person may easily change from needing or wanting one product or service to needing another similar product or service |
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Needs and wants are complementary or are derived from others |
Some needs and wants involve other needs and wants. The need for tea crates the need for milk, sugar and cups. Such needs are complementary |
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Wants become habits |
Satisfying a want for smoking and drinking, especially alcohol may result in a habit |
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Wants differ with time |
As time passes people's needs and wants change |
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Needs and wants differ from place to place |
People living at the South Pole need very warm clothes, whereas people living near the equator need cooler clothes |
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Needs and wants differ from person to person |
People do not have the same needs and wants. A cellphone might be a necessity, but it is a luxury for a school going child |
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Limited resources to satisfy needs and wants |
Since needs and wants are unlimited, the problem of scarcity exists This problem must be dressed, which leads to the economic problem: how to allocate scarce resources to satisfy unlimited needs and wants |
