MKF1120 Lecture Notes - Lecture 2: Moodle
18 Jul 2018
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Document Summary
Needs are the gaps between the current and the desired state. Wants are tools used to satisfy a need the form taken by needs as they are shaped by culture and individual personality. Demands are the actions of wants that are backed by buying power. The thing that is available for exchange - (cid:449)hether it"s a good, ser(cid:448)ice, place, idea, ideology, people or organisations. Exchange is the act of obtaining a desired object from someone offering something in return. Exchanges can be restricted (simple, 2 parties), generalised (more complex, 3 parties) or complex (multiple parties, independent) Self sufficiency: enough resources to sustain their own lifestyle. Primitive: whole communities all sharing/pooling resources together to sustain their combined lifestyle. A market is the set of all actual and potential buyers of a product. They share the same (type of) need or want that can be satisfied through exchange.
