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JSS2: BUSINESS STUDIES – 2ND TERM
Bank Services | Week 18 Topics|1 Quiz
Insurance | Week 26 Topics|1 Quiz
Personal Qualities of an Entrepreneur | Week 31 Topic|1 Quiz
Business Opportunities | Week 42 Topics|1 Quiz
Consumer Rights and Responsibilities | Week 52 Topics|1 Quiz
Shopping Tips | Week 64 Topics|1 Quiz
Bookkeeping Ethics I | Week 72 Topics
Bookkeeping Ethics II | Week 82 Topics|1 Quiz
Ledger Entries | Week 93 Topics|1 Quiz
Petty Cash Book | Week 105 Topics|1 Quiz
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Lesson 6, Topic 1
Needs and Wants
Definition of Needs and Wants:
Needs can be defined as goods or services that are required for one’s satisfaction.
Wants are goods or services that are not necessary but are desired.
Differences between Needs and Wants:
Some of the differences between needs and wants are tabulated below:
|1.||Things required.||They are things desired|
|2.||Our needs are usually limited.||Our wants are desired and |
are usually unlimited.
|3.||They are things one cannot do without |
and that is needed at all costs.
|They are things one would like to have|
but not at all costs.
|4.||They are things needed for survival.||They are things not absolutely |
needed for survival.
|5.||Examples are food, clothes, shelter |
and health care, etc.
|Examples are designer clothes, entertainment, |
and other luxury goods.