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                                                       What are needs and wants?

When it comes to owning or acquiring certain things, people would often use the terms ‘want’ and ‘need’ interchangeably. In many cases, the way people would use these two terms can lead one to perceive that these two have similar meanings, if not mean just the same thing. But these two economic terminologies are very different from each other.

What is a need?

           A need is generally referred to, in economics, as something that is extremely necessary for a person to survive. If a need is not met, it would lead to the onset of disease, the inability to function effectively and efficiently in society, and even death. Examples of these include food, water, shelter, clothing and even air

What is a want?

           On the other hand, a want is something that a person desires, either immediately or in the future. Unlike needs, wants are those that differ from one person to another. For example, one person may want to own a car, while another may want to travel to an exotic country. Each person has his or her own list of wants, each with a varying level of importance. Furthermore, wants can change over a period. This contrasts with needs, which remain constant throughout the lifetime of the person.

Point To Note: The grey area between these two, is when the desire to obtain a particular thing is so extremely great, that a person may misinterpret a want, and see it more as a need. To know whether what you desire for is a want or a need, is to basically ask one fundamental question: “Have you been able to survive without this?” If your answer is ‘yes’, then what you desire for is a want, no matter how much you crave for it right now.

Summary

1. Wants and needs are economic terminologies.

2. A need is something that is necessary for a person to survive. On the other hand, a want refers to something that a person desires, either right now or in the future.

3. Wants are desires that are optional, meaning that you will still be able to go on living, even if the want is not met. On the other hand, if a particular need is not met, it could lead to a person suffering from illness, or even death.Read more: Difference Between a Want and a Need | Difference Between http://www.differencebetween.net/language/difference-between-a-want-and-a-need/#ixzz7F5CgzxhX