As we all know, a human being cannot survive without Oxygen, water and food. In addition to these three elements, there are some other needs that are essential to live a healthy and happy life. Some of these needs include basic health care products, clothing, tools to work, and protective housing. Needs can be classified into two types: subjective needs and physical needs. The above-described needs such as food, water and clothing belong to physical needs.
These are the basic needs or physiological needs of a human being. Subjective needs are the psychological needs of an individual. These include self-esteem, sense of security and love. Failure to fulfil needs may cause a clear adverse outcome. It can lead to severe mental or physical illness. In some cases, inability to meet needs may also result in death. Food to suppress hunger is a basic need. Wants are desires. May result in disappointment.
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.
Therefore, if needs are not satisfied in time, it may result in illness, inability in functioning properly or even death. 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. 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. The following points are noteworthy so far as the difference between needs and wants are concerned:. With the above discussion, on these two concepts of economics, it concluded that needs and wants are separate forces, that compels actions for satisfaction.
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. It is an amazing post and you explained it in a detailed way. Nice to see this here. God is my source and thats all i need. Thank you so much for the article, its so inspiring.
I so desperately needed to read this tonight. And it has turned into a worthless kind of feeling. Thank you so much for this beautiful piece. It has inspired me to reclaim my self worth. Is there something wrong with me that I want to be wanted!!! To have a girlfriend to go shopping and spend time with have coffee with, that just wants to be with me,.
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