Needs and Wants (Junior Cert Business Studies): Flashcards

Something essential for survival and basic wellbeing

Food, water, shelter, clothing

Something we'd like to have but can manage without

Smartphones, video games, designer clothes, holidays

Resources available to us to obtain needs and wants

Regular income, irregular income, existing possessions

Skills, talents, and character traits each person possesses

Precious and limited; everyone has same 24 hours each day

Financial aid, transport, emotional support, sharing skills

Ourselves (individuals), other people (society), the planet

Prioritise needs before spending on wants

Crucial for making smart financial decisions