JSS2 Business Studies Lesson Note on Shopping Tips

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TOPIC: SHOPPING TIPS

CONTENT (i) Meaning of Want, Needs,  

                 (ii) Differences between wants and needs.

(iii) Making decision about needs and wants.

(iv) Impulse buying.

(v) Effect of impulse buying.

(vi) After sales services: Warranty, Installation etc.

MEANING OF WANTS

Wants may be defined as mere desire, wishes or ends of human beings not backed by ability to pay. Wants are those goods and services that people would like to have to improve the quality of their life. Human wants are many and insatiable but the resources to satisfy them are scarce and limited. Examples of wants are houses, cars, shoes, air-conditioner, books, hand-sets, computers properties, education, security, entertainment,   yogurt, ice cream. Etc.

MEANING OF NEEDS 

Needs refer to those goods and services that are essential/important.  Basic needs of man are food, shelter and clothing.   Needs range from basic survival need, necessity, intellectual and social needs. Basic needs must be satisfy in a sequence order

1. DIFFERNCES BETWEEN WANTS AND NEEDS

S/N	WANTS	NEEDS
1	Something you would like to have	Something you have to have
2	You can do without it	You can’t do without it
3	Wants are not absolute necessary	Needs are necessity
4 5      6 7	Examples of wants are music, ice-cream, cars, lap top, yogurt etc.  Wants can be avoided    Human wants are different  Wants are created through personal desire.	Examples of needs are food, clothing and shelter   Needs can not be compromised   Human needs are the same. Needs are created through natural demands.

DECISION ABOUT NEEDS AND WANTS.

Steps involved

(I).  Have a budget made up and don’t spend over this amount.

(ii). Have list of items that you intend to buy and stick to it (scale of preferences)

(iii). Compare prices between sellers.

(iv). Examine the goods carefully, are they exactly what you want

(V )    Sometimes packaging can mislead you. Check out the warranty.

To avoid impulse buying you need to ask yourself if you really need the item or not and you need to discipline yourself.

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