Question
In personal finance, one makes decisions based on needs vs. wants. What is considered a need?
something one would like to have
something ones does not budget for
something one can afford
something one cannot live without
something one would like to have
something ones does not budget for
something one can afford
something one cannot live without
Answers
GPT-4o mini
In personal finance, a **need** is typically defined as **something one cannot live without**. Needs are fundamental for basic survival and well-being, such as food, shelter, clothing, healthcare, and essential transportation. These are items or services that are necessary for maintaining a basic quality of life.