needs and wants, Business Economics

Assignment Help:
Nathan is a successful public relations (PR) consultant, thanks to an outgoing personality and sharp intelligence. At 35, he is near the height of his earnings potential, at around £100,000+per year. He started his career with a student loan of £8000. The interest on this loan was subsided by the government, but his starting salary was also low. Ten years ago, he and his partner, Tracy, wanted to buy a £75,000 house in Norwich, and this meant borrowing money of mortgage £65,000 and using Tracy’s savings of £10,000. As Nathan’s children were growing up, he received several promotions but has now left his firm to become a freelance PR consultant, and his income has greatly increased. He is developing an expensive taste for tailor-made suits, on the grounds of the image he needs to portray to clients. He is also weighing up the cost and benefits of buying a new ‘peoples carrier’ vehicle for his family.
On his leaving university, Nathan changed from spending money on parties to buying a house. His first house was very limited by what he could afford on a starting salary. As he got promotions, he could afford a wider selection of properties, more expensive holidays, clothes, and so on.
Explain whether Nathan’s habit of buying tailor-made suits is a ‘need’ or a ‘want’

Related Discussions:- needs and wants

Determine the total price effect , An agent has a utility function over goo...

An agent has a utility function over goods 1 and 2 of the form U = x c 1 x d 2 where c is your 1- digit number and d is your minimum number. The agent's income is equal to you

Entrepreneurship and economic growth, Write a book review of a book of your...

Write a book review of a book of your choice (chosen from the list of course reference literature) by either Joseph A. Schumpeter or Israel Kirzner about entrepreneurship and macro

FACTORS DETERMINANT OF PRICE, Examine the factors that determine the price ...

Examine the factors that determine the price of computers in a free market. In recent years, the price of personal computers has continued to fall even in the face of increasing de

Opportunity cost and sunk cost, as mention above, the physical demand for g...

as mention above, the physical demand for gold rises in india during late summer and the beginning of fall.what situation occurs at the end of the year?

Find the conversion order for investors, Consider the following four CP inv...

Consider the following four CP investors: Series A: $5m FV (and 2X liquidation preference) or converts to 5m shares; Series B: $10m FV or converts to 8m shares; Series C:

How is staff experience affected to an is project, How is staff experience ...

How is staff experience affected to an IS project? Staff experience: Into IS, the productivity of people, particularly developers, can vary extensively, largely but not c

What are the critics of advocates of world bank, What are the critics of ad...

What are the critics of advocates of World Bank in promotion of development? Critics of the World Bank argue: • A one-size-fits all strategy which does not take account

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd