Answer:
Rent $400 ⇒ housing expenses
Electric bill $60 ⇒ housing expenses
Car payment $250 ⇒ transportation expenses
Car insurance $60 ⇒ transportation expenses
Backpack $10 ⇒ educational expenses
Explanation:
In economics, basic necessities are the products and services that you need for your day-to-day living, and they include food, housing expenses, transportation, child care, health care, taxes (both payroll and income), clothing and educational expenses (including school supplies).
The items that are needs from the bank statement are ;
Rent = $400
Car insurance = $60
Electric bill = $60
Car payment = $250
A need is an economic term which means basic necessities that are essential for daily living which include but not limited to food, housing expenses, transportation, child care, health care, taxes. An unmet need could bring untold hardship or have adverse effect.
Electric bill is an important expense that must be paid as at when due. Failure to pay electric bill would result to shortage of electricity and electricity is vital to everyday living.
Regular payment of car loan helps to avert late fee payment hence a need that must be met.
Also, car insurance helps to reduce the burden of accidents on the car owner. The insurance company would be of help in case there is an eventuality so far there is regular payment of premium.
Rent is necessary because it is a shelter , hence one of the most important needs of a man without which there would be no proper housing.
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