BBI1O1

Necessities Goods and services you must have to

survive

Goods and services that are not necessary for survival

Needs & Wants are Affected by

Income, job, age

Where you live (developed vs. 3rd world country; climate)

Status, values, goals

Exposure to media

Faith, customs, habits

Trends, changes in family lifestyle

Needs and wants differ from person to person

Employment is considered a need for many

A car, computer and TV are considered needs for many

Past wants become future needs

His ideas and theories about human psychology are heavily applied in the world of business today

Developed a “hierarchy of needs” that we still study today

According to Maslow, a person’s lower-order needs must be met before the higher ones can be satisfied.