Which statement about wants and needs is TRUE?

All items that are deemed as needs can also be categorized as wants.

Wants and needs are generally the same for most people.

All items that are deemed as wants can also be categorized as needs.

Wants and needs are what can lead to vastly different budgets among different people.

Question

Business

Aurora Simpson

29 May, 00:10

Which statement about wants and needs is TRUE?

All items that are deemed as needs can also be categorized as wants.

Wants and needs are generally the same for most people.

All items that are deemed as wants can also be categorized as needs.

Wants and needs are what can lead to vastly different budgets among different people.

+1

Answers (1)

Know the Answer?

Ariella Andrews · Answer 1

The correct answer is letter "D": Wants and needs are what can lead to vastly different budgets among different people.

Explanation:

Needs represent what individuals cannot survive without. Wants are desires individuals have but are not necessary for their existence. People project their budgets based on their income and the needs and wants they would like to satisfy. Thus, different people will have different budgets. Most of the income is dedicated to needs usually but one single want can take a considerable percentage of an individual's income - buying a new high-end cell phone, for instance.