You must complete Responsibilities of a Consumer to unlock this Lesson.

SHOPPING TIPS

CONTENT

  1. Meaning of Want and Needs.
  2. Differences between Wants and Needs.
  3. Making Decisions about Needs and Wants.
  4. Meaning of Impulse Buying.
  5. Effect of Impulse Buying.
  6. After Sales Services: Warranty, Installation, etc.

 

Meaning of Wants

Wants may be defined as mere desire, wishes or ends of human beings not backed by ability to pay. Wants are those goods and services that people would like to have to improve the quality of their life. Human wants are many and insatiable but the resources to satisfy them are scarce and limited. Examples of wants are houses, cars, shoes, air-conditioners, books, hand-sets, computers, properties, education, security, entertainment, yogurt, ice cream, etc.

Meaning of Needs

Needs refer to those goods and services that are essential/important. Basic needs of man are food, shelter and clothing. Needs range from basic survival need, necessity, intellectual and social needs. Basic needs must be satisfy in a sequence order

Differences between Wants and Needs

Decisions about Needs and Wants

Steps involved

(i) Have a budget made up and  don’t spend over this amount.

Lesson tags: Business Studies Lesson Notes, Business Studies Objective Questions, JSS2 Business Studies, JSS2 Business Studies Evaluation Questions, JSS2 Business Studies Evaluation Questions Second Term, JSS2 Business Studies Objective Questions, JSS2 Business Studies Objective Questions Second Term, JSS2 Business Studies Second Term
Back to: Business Studies – JSS2 (Upper Basic 8) > Second Term
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