SISC Business Studies Practice Questions - Solomon Islands School Certificate Examination - Business Studies Exam

What is the fundamental difference between human needs and human wants in business studies?

Needs are luxury items, while wants are basic survival necessities Needs are essential for human survival, while wants are desires for non-essential goods and services Needs are provided only by governments, while wants are provided by sole traders Needs change daily, while wants remain identical for all individuals

Correct Answer:

Needs are essential for human survival, while wants are desires for non-essential goods and services

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