We shall employ the dictionary definition of needs: the lack of anything that is required, desired, or useful. We do not limit needs to the narrow physiological requirements of food, clothing and shelter essential for survival. In our discussion the words and wants are used synonymously and interchangeably. In a strict interpretation, however, needs would refer to such basic physiological requirements as food, clothing, and shelter, while wants would be such basic preferences. However, in our affluent society, little is to be gained by trying to differentiate between the two. Many of us would see as needs some items that are far beyond food, clothing, and shelter.
1. Market can be classified according to what is sold on a market and how goods are sold.
A. Right B. Wrong C. Not mentioned
2. Sellers prefer the term market while buyers prefer demand.
A. Right B. Wrong C. Not mentioned
3.The definition of market for business purposes involves three factors: buyers, sellers, and goods and services.
A. Right B. Wrong C. Not mentioned
4. The definition of market for business purpose focuses on purchasers.
A. Right B. Wrong C. Not mentioned
5. Needs and wants mean the same in our discussion.
A. Right B. Wrong C. Not mentioned
6. Strictly speaking, wants refers to people’s emotional needs.
A. Right B. Wrong C. Not mentioned
7. In our rich society, it is pointless to separate people’s needs from their wants.
A. Right B. Wrong C. Not mentioned
1. Market can be classified according to what is sold on a market and how goods are sold.
A. Right B. Wrong C. Not mentioned
2. Sellers prefer the term market while buyers prefer demand.
A. Right B. Wrong C. Not mentioned
3.The definition of market for business purposes involves three factors: buyers, sellers, and goods and services.
A. Right B. Wrong C. Not mentioned
4. The definition of market for business purpose focuses on purchasers.
A. Right B. Wrong C. Not mentioned
5. Needs and wants mean the same in our discussion.
A. Right B. Wrong C. Not mentioned
6. Strictly speaking, wants refers to people’s emotional needs.
A. Right B. Wrong C. Not mentioned
7. In our rich society, it is pointless to separate people’s needs from their wants.
A. Right B. Wrong C. Not mentioned