1. In todays society, Profit and Competition play and essential role in the free enterprise system because lucrative businesses  benefit from low prices that they offer to consumers, however consumers prefer a better buy as a result business that   offer reasonable price  gets the upper hand. On the other hand this will force businesses competitors to bring prices down and bring relief to consumers because they have the freedom of choice.
2. Price can be described as how large companies or firms lower their to increase sales, and non-price competition is how small business or firms don't rely on prices but practice consumerism to keep up with competition in the business market
3. A need is a necessity for survival such as food or shelter in addition a want is something that you already have and don't really need for survival.