Need

Meaning :

A need is defined as something that is essential for living or functioning, including items such as food, shelter, clothing, education, and healthcare. Needs are distinct from wants, which are non-essential desires. They represent basic requirements that individuals  must fulfill to survive or maintain a stable quality of life.

Importance :  

Understanding needs is crucial for effective budgeting, as it helps prioritize essential expenses.

It allows individuals to focus on necessary expenditures, reducing the risk of overspending on  non-essential items.

Recognizing needs helps prevent unnecessary debt by encouraging responsible financial  behavior.

Use in Daily Life & Business  :

Families typically plan their monthly expenses by addressing their needs first, ensuring that  essential costs are covered.

Businesses conduct analyses of customer needs to create products and services that meet those essential requirements.