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

Act upon of dip recession, There are some examples to government act upon o...

There are some examples to government act upon of dip recession. Number of unemployment last long years in companies and take away labour in order to decreased pressure on expen

Baumol''s, the basic assumption of the static model

the basic assumption of the static model

Production possiblities curve, 1. Imagine that two countries, Richland and ...

1. Imagine that two countries, Richland and Poorland can produce just two goods, computers and coal. Assume that for a given amount of land and capital, the output of these two pro

Agriculture economics, A1. Given the following production function Level of...

A1. Given the following production function Level of fertilizer Level of maize 0 0 1 44.9 2 83.6 3 110.1 4 127.3 5 136.9 6 139.9 7 137.1 8 129.2 a) Calculate the APP, MPP and elas

How can you find out where to put your management effort, Stakeholders have...

Stakeholders have various interests or ‘stakes’ in a project. How can you find out where to put your management effort? Preferably, all stakeholders will have closely same crit

Illustrate the highlight report in project management method, Illustrate th...

Illustrate the highlight report in project management methods. Highlight report: The Highlight Report is the ordinary report by the project manager to the Project Board.

What is poor governance, What is poor governance? In countries along wi...

What is poor governance? In countries along with poor governance: • The rule of law has not working for example civil war and areas run by war lord • Bribery and corrupti

What is the infant industry argument, What is the Infant Industry argument?...

What is the Infant Industry argument? Several governments seek to protect involving industries by premature competition. Infant industries have potential comparative benefit b

Can comparative benefit change over time, Can comparative benefit change ov...

Can comparative benefit change over time? Comparative benefit is a dynamic concept. A country can obtain or lose comparative advantage overtime when there is a change within r

Briefly describe the axioms of hannah and kay (1977), QUESTION 1 i) Dis...

QUESTION 1 i) Distinguish between the different kinds of concentration measures ii) Briefly describe the axioms of Hannah and Kay (1977) iii) Derive and explain the Dorfm

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