Idea Generation — Flashcards

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Needs are personal, psychological, cultural and social requirements necessary for a human being to survive. Food, clothing and shelter were the basic needs in ancient times, and education and healthca…

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A want is a choice or desire which a person may or may not be able to get. Wants are not essential for survival, and they may change with time, society and surroundings.

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Needs are limited in nature and are essential for survival. Wants are unlimited in nature and represent desire, not necessity. Needs must be satisfied first, while wants depend on choice and available…

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Food, water, clothing and shelter are necessities. They are absolutely essential for living and surviving.

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Comforts are wants that make life more comfortable and satisfying, but they are not as essential or urgent as necessities. Examples include fans, furnished houses and special clothing for occasions.

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Luxuries are goods that give pleasure and prestige in society. Examples include cars, diamond jewellery, expensive designer clothing and air conditioners.

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Human wants are unlimited, while money to satisfy them is limited. Because of this, not all wants can be fulfilled, and people must make choices and find alternatives.

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Demand is the willingness and ability of a consumer to purchase a given quantity of a good or service. Desire alone is not demand; both willingness and money are needed.