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 Form 1 Business Studies: Satisfaction on human wants online lessons

Meaning and Types of human wants, features of basic human wants,features of secondary wants

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Answer Text:
Satisfaction of Human Wants.
Meaning of human wants.
-Refer to things that people require to survive and to live comfortably.
Types of human wants:
i)Basic wants: are those needs which one cannot do
without.e.g food, shelter and clothing.
Features of basic wants:
-They must be satisfied first before human wants.
-They are necessary for survival.
-They are felt needs e.g. when one requires food, he/she feels hungry.
-They are largely satisfied at individual or family level.
-They cannot be postponed.
-They are universal.
ii)secondary wants: are those that one can do without but they make life confortable. E.g motor vehicles, mobile phone,entertainment etc.
features of secondary wants:
-They arise as individuals standard of living changes.
-They are expensive compared to basic wants.
-They can be postponed.