Need

Meaning :

A need refers to something that is essential for living or functioning, such as food, shelter, clothing, education, and healthcare. It differs from a want, which is optional and not essential for survival. Needs are basic requirements that individuals must fulfill to maintain a

stable life.

Importance :  

Understanding needs helps in creating a proper budget by focusing on essential expenses.

It allows individuals to prioritize their spending on necessities.

Recognizing needs helps prevent unnecessary debt by encouraging responsible spending.

It guides financial planning and saving habits for a more secure future.

Use in Daily Life & Business  :

Families often plan their monthly expenses based on their needs first, ensuring they meet essential costs.

Businesses analyze customer needs to design products and services that fulfill those  requirements.