1.1 Needs, Wants And Aspirations Flashcards

1
Q

Define need

A

Essential items that we need to survive

Eg food, water, shelter

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2
Q

Define want

A

Optional items that are desirable but not essential

Eg jewellery, cinema

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3
Q

Define aspiration

A

Hopes for the medium / long term future

Eg holidays, sharing a flat with friends, getting a good job

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4
Q

What do needs and wants relate to?

A

Related to the price of products and people’s ability to buy them.
Can be related to cultural differences.

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5
Q

When do items that used to be wants become needs?

A

When people become wealthier

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6
Q

Is it needs, wants or aspirations that are a key consideration when planning long term finance?

A

Aspirations

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