- WHO SELLS WHAT?
WHO NEEDS WHAT?
Who needs and wants goods and services?
- Individuals and households: Individuals and families have basic needs like food, clothing, and shelter, as well as wants like cars, entertainment, and vacations.
- Businesses: Other businesses consume goods and services to operate. This includes raw materials for production, machinery, office supplies, and services like banking and cleaning.
- Governments: Governments are major consumers, purchasing goods and services for public use, such as defense equipment, infrastructure projects, and public services like education and healthcare.
- Distinguishing between needs and wants
- Needs: These are things required for survival. Without them, a person's well-being would be severely compromised.
- Examples: Food, water, shelter, basic clothing, and healthcare.
- Wants: These are desires that enhance comfort or enjoyment but are not essential for survival. They are often a result of marketing or personal preference.
- Examples: A large television, designer clothing, a new car, or a vacation.
- https://youtu.be/laKl9VRjaw0?si=3IeAR5gInENhqUyq
- Anyone who is a consumer or customer needs and wants goods and services, which is essentially everyone who purchases and uses them to satisfy their needs, wants, and desires. Needs are essential for survival (e.g., food, water, shelter), while wants are things that enhance life but are not essential (e.g., a new phone, a vacation). This includes individuals, households, and organizations.
- Needs: These are things required for survival. Without them, a person's well-being would be severely compromised.
- https://ncert.nic.in/textbook/pdf/leec201.pdf
THE LIST IS ENDLESS.
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