Needs
When you require something ==essential== for your survival or day-to-day life, it becomes your need.
example: food, water, clothing, etc.
Wants
Desires for goods and services we ==would like to have but do not need.== (Or simply put, ==not necessary==.)
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We buy things because we need them in our day-to-day life and think they will make us happy. However, things that make us happy do not always cost us money like spending time with family, playing with our friends, etc.
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> Can you think of an example of a Need and a Want?
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It is important to know how to make correct buying decisions. Since our needs are necessities, it is important to first spend our money on our needs and only then spend so much money on any unnecessary and expensive wants. Prioritize NEEDS over WANTS.
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1.) Problem Recognition or Need Recognition
2.) Information Search
3.) Alternatives Solution
4.) Purchase decision
5.) Post-purchase decision
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Supply
==The number of goods and services that are available== for people to buy.
Demand
==Quantity of consumers that are willing and able to buy products== at various prices during a given period of time.
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Don’t get it? Click here. It is important to understand the principle of Supply-Demand because it’s a universal language and this happens everywhere.
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Reach out to me on IG (erincourtney_) if you want a further explanation! :)
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