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JSS2: BUSINESS STUDIES – 2ND TERM

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  1. Bank Services | Week 1
    8 Topics
    |
    1 Quiz
  2. Insurance | Week 2
    6 Topics
    |
    1 Quiz
  3. Personal Qualities of an Entrepreneur | Week 3
    1 Topic
    |
    1 Quiz
  4. Business Opportunities | Week 4
    2 Topics
    |
    1 Quiz
  5. Consumer Rights and Responsibilities | Week 5
    2 Topics
    |
    1 Quiz
  6. Shopping Tips | Week 6
    4 Topics
    |
    1 Quiz
  7. Bookkeeping Ethics I | Week 7
    2 Topics
  8. Bookkeeping Ethics II | Week 8
    2 Topics
    |
    1 Quiz
  9. Ledger Entries | Week 9
    3 Topics
    |
    1 Quiz
  10. Petty Cash Book | Week 10
    5 Topics
    |
    1 Quiz



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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:

NeedsWants 
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.

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