1.1 Needs, Wants And Aspirations Flashcards
1
Q
Define need
A
Essential items that we need to survive
Eg food, water, shelter
2
Q
Define want
A
Optional items that are desirable but not essential
Eg jewellery, cinema
3
Q
Define aspiration
A
Hopes for the medium / long term future
Eg holidays, sharing a flat with friends, getting a good job
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.
5
Q
When do items that used to be wants become needs?
A
When people become wealthier
6
Q
Is it needs, wants or aspirations that are a key consideration when planning long term finance?
A
Aspirations