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Need ­ This is a good / service essential for living (water, clothing for warmth, protection, food, some
form of housing, shelter etc.)
Want ­ This is a good / service which people want, but it is not essential for living. The fact that
people's wants…

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The business run by private owners will often be run so it can make profits. The owners will take a share
of these profits. Although making as much profit as possible is usually the main aim, it can be
dangerous to become huge, because competitors may arise, people may stop…

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when they decide on the best objectives for their businesses. Managers also have to be prepared to
change their objectives over time.


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