Which of the Following Statement Best Defines Needs and Wants

question 27

Multiple Choice

Which of the following statement best defines needs and wants?

• A)Wants occur when a person feels physiologically deprived of something, and needs are determined by a person's knowledge, culture, or personality.
• B)Needs occur when a person feels physiologically deprived of something like food, clothing, and shelter whereas wants are felt needs that are shaped by a person's knowledge, culture, or personality.
• C)Wants are a subset of needs.
• D)Needs affect marketing, but wants do not.

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Definitions:

Expected Inflation Rate

The anticipated rate at which the general level of prices for goods and services will rise over a period, affecting purchasing power.

Consumption Sector

A segment of the economy focused on the purchasing and use of goods and services by individuals and households.

Production Sector

The segment of the economy concerned with the production of goods and services, including agriculture, manufacturing, and construction.

Product Purchases

Transactions involving the buying of goods or services for commercial purposes or for use in production.