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Distinction between Needs and wants
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[QUOTE="Kendy, post: 222278, member: 63869"] 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. [/QUOTE]
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