Distinction between Needs and wants

[Immilash]

need and want are two different things but some people thinks it all same thing but it's not,I have a ton of comprehension regarding this current thing's just when I was in auxiliary school and since the time then I generally continue to develop with the mentality that necessities are things that we are normally acclimated with and we can't manage without them , model perhaps a toothbrush in view of my arrangement and furthermore a tooth glue since this multitude of things will be things you needs to keep on your life on consistent schedule, need then again are things that an individual can manage without very much like you have all clarify , this large number of things are simply things we really want to see so we can continue to zero in on the most significant particularly when we don't have the means to purchase everything we want immediately..

At the point when I am befuddled of what to purchase I generally make a rundown and course of action , I ensure I record the absolute most significant thing I can't manage without , subsequent to thinking of them down then I can have the option to recognize out the main things I needs on consistent schedule , so I can have cash to spend on the main one at that specific time of time.

 

[Rachael]

There is a clear cut distinction between needs and wants. When an individual can decipher his needs from his wants, then he would know his level of priority via using the scale of preference. There are things which ought to be solved urgently or immediately. For example, a University student needs to pay his school fees and the deadline is fast approaching, that is a need which has to be met if not, by peradventure he might have to defer his admission but looking at the same scenario where a student wants to buy a textbook but he is unable to purchase it, textbook no doubt is important but in the University system, it is not mandatory and in such case, he can improvise by sharing with a course mate or by downloading it online and he will have the soft copy, the instance there is a want which can be improvised.

 

[btaliat]

For those that didn't knw the difference between needs and wants, there are some illustrations that clearly stated difference between the two especially for those that have basic knowledge of Economics as a subject..

Wants are very many when compare to needs. They are most things that we desire even when we are truly aeste that we may not get them because most time wants are not really meant to be gotten or achieved.

Needs on the other hand are necessities and what we must get as a matter of urgency. There may be time when there can be many needs at the same time as well. For instance, a student may not know whether to buy a new uniform for his school or to buy a new textbook for his exams. This is when a scale of preference comes in to make the right decision

 

[Setho]

Over the course of humanity, there are so many people that have been wanting to rank the things that humans can be able to live with and the things that you cannot just be able to do . Some people have tried and that's has what brought about the Abraham Maslow's hierarchy of needs where he tried to classify the needs of human beings based on steps whereby you cannot be able to move up for that unless you are able to actualize some presently.
Generally what are the things that satisfies you but they are not essential to life like having a car and also your ability to be able to master a skill .
This is different from needs because they are things that are very essential to life and without them it is not going to be easy or it is not going to be possible at all. For example as a human being you definitely need to eat, drink water, breathe, shelter yourself and maintain a very good relationship with the people around you. If you are not able to actualize any of this life is going to be very difficult for you or you might even end up dead.

 

[moonchild]

There's a lot of difference between wants and needs, needs are what should be met immediately and wants are our desires and sometimes we even let our wants erodes our needs, there's nothing wrong with that I think it's just human nature.

For example, let's say your budget is 100k and you need a phone with basic functionalities like making phone calls and sending messages and browsing, with 30k you'd be able to do that but might be wanting an iPhone, which cost like 80k for example and in this type of scenario only few will be able to assess it correctly.

Distinguishing between wants and needs is an important skill to have when you're in you're still hustling, because it will help you to stay clear and focused on your goals.

If you want to buy or invest or anything that has to do with finance make sure you analyze and see if it's a want or a need and make your decision from there.

Making decision is hard for a lot of people me inclusive, but you can use a pen and paper to write it down and make your decisions based on facts.

Needs are priorities while wants are desires.

 

[Ayeshabashir]

Hello dear friends hope so you are absolutely right and dear yes there is a huge difference between needs and wants for example food is your need and you need it at any situation but if you want and desire to eat a pizza then it is called a wants this is not essential that we should take pizza in order to fill your belly you can eat any food that is available at this time then it is called a need and the other example of different between needs and wants is your dress you can wear any normal dress in order to cover your body but of you want an expensive and branded dress then it ia your wants and desire and from my perspective needa is more important than wants because in order to survive in this world wes should have to fulfill our needs and for this we should have to work hard and in other simple words we need a shelter to live our life but if demand a banglo to live your life then it is called a wants so there are many things that can differentiate wants and needs and it is very important thing that we should think about it

 

[Setho]

There is definitely a clear difference between the things that somebody needs and some things that somebody wants . This is a lot going to be dependent on the person in general but then there are some things that are basic to life and somebody cannot be able to do it was them .
A person's needs are those things or conditions that are particularly essential to life and without them somebody cannot be able to survive or do their day-to-day activities normally. Essential things that are necessary for survival are things like oxygen supply , health and wellness , food , water and relations . That is why it is always important that people should try to balance all these .
The ones of a human being are things that are going to satisfy a lot of pleasure but then they are not that necessary for human survival . They are going to include things like owning of luxurious cars , fancy clothes and having a degree. These are all things that every human being at some point we'll definitely want to have them but if we are going to look at it critically it is something that you can do without.

 

[Abee111]

Need and want have clear differences but many people use the word interchangeably.
When we talk about need,
It is something needed to survive. In economics, the idea of survival is real, meaning someone would die without their needs being met. This includes things like food, water, and shelter, good health e.t.c
A want, in economics, is one step up in the order from needs and is simply something that people desire to have, that they may, or may not, be able to obtain. Again, with those two simple definitions, it doesn't seem like there should be much to talk about, but there is. Economics deals with how we allocate scarce resources, and those scarce resources may be needed to meet someone people's needs and other people's wants. So, we do need to talk about wants and needs.
That means when something is needed by someone, it might be that person may not live without it. Need is something that is a most to human
A want is something that an individual desires, but would be able to live without
It is just a desire of a human of occupying possession of something that is not necessary he must have. That's why Economist says human wants are unlimited.

 

[General01]

This is a very interesting thread. I commend your efforts in putting this up for us .
The truth about this whole subject is,

Even though they are closely connected, knowing their differences is pivotal in defining the financial life of an individual and subsequently prioritizing of one's budget when it comes to spending.

Needs and want are two different things and their differences should be taken with outmost importance.

Need differs from want in the sense that, want is not pressing as compared to need. What you want you could survive even without it ,but on the other hand what you need i is required in order to ensure smooth run of your daily endeavors.

Their differences plays a vital role in defining how we spend our incomes because, once we've clearly identified our needs and wants. We then carve our spending to the requisite level.
Dependent on the size of our income and the condition we are predisposed to.

We take care of needs first because that is what if it is not there it could alter the normal run of our daily activities.

Want on the other hand is not at the top of the priority

That is the basic difference between he two interrelated terms

 

[Yhubee]

There is a clear difference between needs and wants; as it is rightly said, our wants are unlimited. A person will always have wants and they do not end , but needs are the very important things a person should have either at that point in time or for life. Since wants are unlimited in the midst of limited resources, it is necessary to compile a list of all wants and choose the important ones which are the needs,and the rest becomes the alternative forgone.
A person should be able to decipher his needs from his wants in order to avoid unnecessary spending and be able to manage his resources.
Take for instance, a person has about $5 to spend,he makes a list which includes foodstuffs and other things like a wristwatch and a shoe.At this point, he realizes his needs which are the foodstuffs because in reality,he needs food to survive in order to wear a wristwatch or a shoe!. The wristwatch and shoe therefore becomes his alternative forgone and his needs are the foodstuffs. He can then look for the best ways to manage his resources in such a way that will get him the foodstuffs he needs to survive.

 

[Kendy]

There are similarities between needs and wants, although they do not share the same objective and they are both equally different. Needs would always top the chart on a scale of preference whereas wants can be placed as an opportunity coat which can be forgone for a better alternative which are "wants."
Scale of preference is a list of wants that are unsatisfied arranged in a scale of relative importance. Wants are also called ends. Opportunity cost can also be used when trying to differentiate between wants and needs because it is the alternative want foregone as a particular item is chosen, or as a particular want is satisfied. There are commodities like; cars, private jet, fancy phone, exotic dresses can all be classified under the degree of wants but when it come to; shelter, food, clothing, these are categorized under the auspices of needs. There is no save person who would prefer to buy a car without first having a house either his original house or on rently basis where he could live. If the car is bought, would he slept, cook and live in the car? Apart from that, where would he park the car? This means that our needs is primary while wants is secondary.

 

[Abigael]

It is very important that one gets a clear definition of the difference between needs and wants for sure. This is because they enable one to spend money wisely.

Needs are those things that you cannot do without. Think of basic needs such as food, shelter and clothing. While wants are those things that you desire to have so as to be more comfortable in life but you don't really need them to survive.

It is therefore important that when you have some money, you should prioritize your needs and not your wants. Remember that when you prioritize your wants, you may have to take a loan in order to satisfy your needs. This is because you won't live without them.

So when you are making money, make sure that you have specified your needs and wants. That will enable you to spend your money well so that you don't get into debts.

 

[Bookwormlux]

The best thing that can enable an individual to be able to have a very high sense of self discipline and maintain a very good savings culture so as to attain that level of financial freedom that the desire is when they are able to differentiate between what their needs are and what their wants are .

Lack of a real understanding of what is really means to differentiate the two is what make so many people to continue to remain in their poor state of financial level and never ever get to that top where they want to be at all .

To start it , I want to say that a person's needs are usually those things which he needs for day to day activities . Those things that will enable you to feel comfortable with your self and not bother even though other things are not available. These are usually the high priority things in life that matter the most to you


Some of us make the mistakes of spending so much on what we want and not necessarily what we need , and this is what makes life to be very complicated for us and we end up in a very troubling condition always.