Needs - GCSE Business Definition

Needs refer to the essential items or conditions that are necessary for individuals to maintain basic human survival and well-being. These include fundamental requirements such as food, water, shelter, and clothing. In GCSE Business, understanding needs is crucial, as it helps firms identify and produce goods and services that fulfil these basic requirements to meet consumer demand. Differentiating between needs and wants is important. Businesses should prioritise resources to satisfy essential customer needs before addressing additional desires that are not essential for survival.