survival, such as food, water, shelter and clothing. Personal wants ◦Luxury or non-essential goods and services that we, as individuals, would like to consume. Savings ◦ The amount of money a person has available after paying for needs and wants. ◦ An intangible good that is provided by an individual or organisation; for example, legal advice or a haircut. Standard of living ◦ A person’s quality of life; a person’s economic, social and personal wellbeing. Wants ◦ Luxury or non-essential goods…
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