Title: Identify the difference between needs and wants.
Course: Principles of Business and Marketing (12051-36) > Section: Understanding the Role of Economics in a Global Economy

Identification should include the following concepts:

- Needs are essential to human life.
- Wants are not essential, but they add to the quality of life.

Process/Skill Questions:

- What are the basic needs for survival?
- How are needs and wants different?
- How can the fulfillment of a basic need lead to a want?
- Why is it important for a business to know whether its good or service is a need or a want?
- How does knowing the difference between needs and wants help a business set and achieve financial goals?