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Assignment 1: Differentiate Between Need, Want and Demand? Give 4 Examples of Need and Want

Need refers to basic requirements for survival like food, water and shelter, while want refers to desires beyond basic survival. Demand is the ability to purchase goods and services at a given price and time. Examples of needs include air, water, food and shelter. Examples of wants include electronics, vacations, luxury goods and entertainment.

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Zee Khan
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60 views1 page

Assignment 1: Differentiate Between Need, Want and Demand? Give 4 Examples of Need and Want

Need refers to basic requirements for survival like food, water and shelter, while want refers to desires beyond basic survival. Demand is the ability to purchase goods and services at a given price and time. Examples of needs include air, water, food and shelter. Examples of wants include electronics, vacations, luxury goods and entertainment.

Uploaded by

Zee Khan
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Assignment 1

Question: Differentiate between Need, Want and Demand? Give 4 examples of Need and Want.

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