TLE 6 - BUYS AND SELLS PRODUCTS BASED ON NEEDS

 BUYS AND SELLS PRODUCTS BASED ON NEEDS

TLEIE6-0b-3

BY: PJ MIANA

____________________


Here is the available article for you to study: 

Here are some facts related to buying and selling goods based on needs:

  1. Needs vs. Wants: Understanding the difference between needs and wants is essential. Needs are essential items required for survival and well-being, such as food, clothing, and shelter. Wants, on the other hand, are items that are not necessary for basic survival but are desired for personal satisfaction or enjoyment.

  2. Identifying Individual Needs: Each individual has unique needs based on their circumstances, preferences, and lifestyle. For example, a person living in a cold climate may have a greater need for warm clothing compared to someone living in a warmer region.

  3. Researching Products: It is important to conduct research before making a purchase. Research allows individuals to gather information about the product's features, quality, and price. Reliable sources such as consumer reviews, expert opinions, and reputable websites can help in making informed decisions.

  4. Comparing Prices: Comparing prices of similar products from different sellers or brands is crucial for getting the best value for money. It helps individuals find the most affordable option that meets their needs without compromising on quality.

  5. Budgeting: Setting a budget is an effective way to manage finances and ensure that needs are prioritized. By creating a budget, individuals can allocate funds for necessary items and avoid impulsive purchases that may not align with their needs.

  6. Value for Money: When buying goods based on needs, it is important to consider the long-term value and benefits that the product offers. For example, purchasing a durable and energy-efficient appliance may be a better choice in the long run, even if it requires a higher upfront investment.

  7. Avoiding Impulsive Buying: Impulsive buying can lead to unnecessary expenses and accumulation of items that may not be needed. Taking the time to evaluate if a purchase aligns with one's needs can help avoid regretful decisions and save money.

  8. Sustainable Consumption: Considering the environmental impact of products is becoming increasingly important. Opting for products that are eco-friendly, sustainable, and ethically produced can contribute to a more responsible and conscious approach to buying and selling goods.

  9. Selling Goods based on Needs: Sellers can also apply the concept of needs when marketing their products. Understanding the target audience's needs and promoting how the product meets those needs can be an effective selling strategy.

  10. Consumer Rights: Consumers have certain rights when purchasing goods based on needs. These rights include the right to information, the right to choose, the right to safety, and the right to redress in case of product defects or dissatisfaction.

Remember, the primary goal of buying and selling goods based on needs is to make informed decisions that align with individual requirements, budget constraints, and ethical considerations.

Here are 10 multiple-choice test questions related to buying and selling goods based on needs:


COMPREHENSION CHECK!

  1. Which of the following best describes a need? a) A product that provides luxury and entertainment b) An item required for survival and well-being c) An impulse purchase based on personal preference

  2. Why is it important to research products before making a purchase? a) To compare prices between different sellers b) To gather information about the product's features and quality c) To find the most popular product in the market

  3. How can budgeting help when buying goods based on needs? a) It ensures that wants are prioritized over needs b) It helps allocate funds for necessary items c) It encourages impulsive buying behavior

  4. What does value for money mean when buying goods based on needs? a) Purchasing the cheapest item available b) Considering the long-term benefits and quality of the product c) Focusing on the brand name and popularity of the product

  5. Which of the following is an example of sustainable consumption? a) Buying products that are eco-friendly and ethically produced b) Purchasing products based on wants rather than needs c) Choosing products solely based on their aesthetic appeal

  6. What is a potential consequence of impulsive buying? a) Saving money and staying within budget b) Accumulating unnecessary items and overspending c) Making informed decisions based on needs and wants

  7. How can sellers apply the concept of needs when marketing their products? a) Promoting products that are popular among celebrities b) Understanding the target audience's needs and emphasizing how the product meets those needs c) Advertising products solely based on their low prices

  8. Which of the following is a consumer right when purchasing goods? a) The right to information and product safety b) The right to sell products without any regulations c) The right to change one's mind after making a purchase

  9. How can individuals differentiate between needs and wants? a) By considering their personal preferences only b) By assessing whether the item is necessary for survival and well-being c) By choosing products based on the latest trends and fads

  10. Why is comparing prices important when buying goods based on needs? a) To find the most expensive item in the market b) To ensure that the product meets all wants and desires c) To get the best value for money and find affordable options



ANSWER KEYS:

  1. b) An item required for survival and well-being
  2. b) To gather information about the product's features and quality
  3. b) It helps allocate funds for necessary items
  4. b) Considering the long-term benefits and quality of the product
  5. a) Buying products that are eco-friendly and ethically produced
  6. b) Accumulating unnecessary items and overspending
  7. b) Understanding the target audience's needs and emphasizing how the product meets those needs
  8. a) The right to information and product safety
  9. b) By assessing whether the item is necessary for survival and well-being
  10. c) To get the best value for money and find affordable options


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