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Distinction between Needs and wants
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[QUOTE="Abee111, post: 219983, member: 29793"] 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. [/QUOTE]
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