needs and wants, Business Economics

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’
Posted Date: 9/26/2012 10:55:09 AM | Location : United States







Related Discussions:- needs and wants, Assignment Help, Ask Question on needs and wants, Get Answer, Expert's Help, needs and wants Discussions

Write discussion on needs and wants
Your posts are moderated
Related Questions
An individual holds B_0 dollars in a saving accountant at t=0 and earns continuously compounded interest at a nominal rate r. Therefore, the nominal value of his savings at time t


How can the role of government in development be assessed? Increasingly governments are judged through the outcome of their policies within achieving above average development

How can be comparative advantage improved? Comparative advantage can be gained or improved through: • Investment during the education and also in training • Investment wi

as a result of 2008 financial crisis, there was loss of construction jobs in us, since home developers stopped building new homes. in your opinion which type of unemplyment is res

What is Monopoly and how does it affect the economic postively and negatively?

QUESTION 1 (a) Explain how CAPM provides a framework for measuring the systematic risk of an individual security in a well-diversified portfolio, using the concept of security

Problem (a) What do you meant by Contract Management and what is the central aim of contract management? (b) Show the end-of-contract options and describe the cost involve

How can trade agreements assist development? A trade agreement is while two or more countries to by decrease or abolish tariffs, non-trade and quotas barriers which are establ

There, you can obtain the available data on GDP and its components. a. What is the value of nominal GDP during the past 5 years? b. What is the GDP deflator in 2006? c. Wh