NEeds, Wants, |
Needs, Wants, and Values all contribute to the decisions you make everyday. |
Value: a fundamental belief or practice about what is desirable, worthwhile, and important to an individual
Need: something thought to be a necessity or essential items required for life Want: something unnecessary but desired or items which increase the quality of living |
Opportunity Cost: the value of the next best alternative that must be forgone when making a purchase---the benefits you could have received by taking an alternative action Trade-Off: giving up one thing for another |