needs and wants

• What are the basic needs in business that individuals cannot do without in society?

  Basic commodities for consumption, clothing and personal belongings, shelter, sanitation, health, education, and relaxation
• Why are basic needs essential for individuals in a community?

  They allow individuals to live with dignity and pride
• How can understanding needs and wants help in generating business ideas?

  By identifying essential needs, one can create relevant business solutions
• What are wants in the context of people's desires?

  Wants are desires, luxury, and extravagance that signify wealth
• How do wants differ from basic needs?

  Wants are considered above all the basic necessities of life
• What are some examples of wants that signify an expensive way of living?

  Fashion accessories, luxury cars, exclusive dining, and impressive homes
• What factors should be considered in business undertakings based on people's needs and wants?

  • The kind of people
  • Their needs and wants
  • Lifestyle
  • Culture and tradition
  • Social orientation