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Distinction between Needs and wants
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[QUOTE="Yhubee, post: 220114, member: 69704"] 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. [/QUOTE]
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