Need

Meaning :

A need is something that is essential for living or functioning, like food, shelter, clothing, education, and healthcare. Needs are different from wants, which are things that are nice to have but not necessary. Needs are basic requirements that people must fulfill to  survive or live comfortably.

Importance :  

Helps in proper budgeting by focusing on what is necessary.

Allows people to prioritize essential expenses over non-essential ones.

Prevents unnecessary debt by encouraging spending on needs first.

Guides financial planning and saving habits.

Use in Daily Life & Business :

Families plan their monthly expenses based on needs first, ensuring they cover essentials.

Businesses analyze customer needs to create products and services that people require.