The amount spent on these items is based on preference and the availability of resources available to us. It should be noted that you'll have to spend on a need more than a want due to the limited resources that are available to us.
<h3>What is a consumer's need?</h3>
In economics, a need refers to anything individuals require to exist. It is considered to be necessary and important for the functioning of life. Examples include:
- Food,
- Water, and
- Shelter.
However, a want is anything that is desired. A want is anything that will enhance your living experience and level of happiness. In economic terms, it is described as an individual's insatiable desire to own items or services that provide fulfillment.
From the information given:
Eating at a restaurant, or gas to go on vacation is not a necessity, so it may be referred to as something you want.
The amount spent on these given items is based on preference and the availability of financial resources available to us.
Learn more about human needs here:
brainly.com/question/22395260
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