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Topic Content:
- Definition of Needs and Wants
- Differences between Needs and Wants
Definition of Needs and Wants:
Needs can be defined as goods or services that are required for one’s satisfaction.
Wants are goods or services that are not necessary but are desired.
Some of the differences between needs and wants are tabulated below:
Differences between Needs and Wants:
| Needs: | Wants: | |
| 1. | Things required. | They are things desired |
| 2. | Our needs are usually limited. | Our wants are desired and are usually unlimited. |
| 3. | They are things one cannot do without and that is needed at all costs. | They are things one would like to have but not at all costs. |
| 4. | They are things needed for survival. | They are things not absolutely needed for survival. |
| 5. | Examples are food, clothes, shelter and health care, etc. | Examples are designer clothes, entertainment, and other luxury goods. |