How do you differentiate needs, wants and luxuries?
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Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care.
Wants are goods or services that are not necessary but that we desire or wish for.
Luxuries: This is the third category of items which are the most attractive and most dangerous. These include a large house, luxury cars, a dream vacation to exotic destinations & cruises, etc. People often burn their fingers trying to achieve a higher than usual standard of living.
MARK BRAINLIEST...
Wants are goods or services that are not necessary but that we desire or wish for.
Luxuries: This is the third category of items which are the most attractive and most dangerous. These include a large house, luxury cars, a dream vacation to exotic destinations & cruises, etc. People often burn their fingers trying to achieve a higher than usual standard of living.
MARK BRAINLIEST...
Answered by
3
The difference between needs, wants and luxuries is elaborated below:
Needs:
Needs are those things that you must have in order to live. These are necessary to survive. For example, food, cloths and house.
Wants:
Wants are those things which you wish/desire to have in order to add a competitive advantage in your life. For example, you want more money, a big and beautiful house and luxurious car.
Luxuries:
These are those goods which are not essential to our life but we need them to make our life beyond par of an average living standard.
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