Needs and Wants
Hello, readers!
Welcome back to my blog.
Okay guys now I want to share with you about "Needs and Wants" these two words are very familiar, right? but do we know what the true meaning is and what we must know from the word. let's discuss and find out!
Definition of Needs
By the term needs, we mean those requirements which are extremely necessary for a human being to live a healthy life. They are personal, psychological, cultural, social, etc that are important for an organism to survive. In ancient times the three basic needs of the man are food, clothing and shelter but with the passage of time, education and healthcare also became integral, as they improve the quality of life. They are a person’s first priority as they are the things, that they keep us healthy and safe. Therefore, if needs are not satisfied in time, it may result in illness, inability in functioning properly or even death.
Definition of Wants
In economics, wants are defined as something that a person would like to possess, either immediately or at a later time. Simply put, wants are the desires that cause business activities to produce such products and services that are demanded by the economy. They are optional, i.e. an individual is going to survive, even if not satisfied. Further, wants may vary from person to person and time to time. We all know that human wants are unlimited while the means to satisfy those wants are limited. Hence, all the wants of an individual cannot be met and they must seek for alternatives.
Understanding Needs vs. Wants
In actuality, you only need four things to survive:
- A roof over your head
- Enough food and water to maintain your health
- Basic health care and hygiene products
- Clothing (just what you need to remain comfortable and appropriately dressed)
Everything that goes beyond this—a big house, name-brand clothes, fancy foods and drinks, and a new car—is a want.
Does that mean that you should only buy the things that you need? Not at all. Life is meant to be lived, not survived. Treat yourself to some wants along the way, but do so when you can afford to, and enjoy those wants as the extras that they are.
Comparison Chart
| BASIS FOR COMPARISON | NEEDS | WANTS |
|---|---|---|
| Meaning | Needs refers to an individual's basic requirement that must be fulfilled, in order to survive. | Wants are described as the goods and services, which an individual like to have, as a part of his caprices. |
| Nature | Limited | Unlimited |
| What is it? | Something you must have. | Something you wish to have. |
| Represents | Necessity | Desire |
| Survival | Essential | Inessential |
| Change | May remain constant over time. | May change over time. |
| Non-fulfillment | May result in onset of disease or even death. | May result in disappointment. |
Conclusion
With the above discussion, on these two concepts of economics, it concluded that needs and wants are separate forces, that compels actions for satisfaction. If needs are not met on time, the survival of a person is at stake whereas wants are something which a person is craving for, that does not challenge a person’s survival if not satisfied. So, needs can be distinguished from wants on the basis of their level of importance. Hence, the distinction is between what is required and what is desired.
Okay guys, that's all from me about "Needs and Wants" I hope this blog can be advantages to all of readers! Thank you and see you on the next blog!!!
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