Need vs. Want

Need vs. Want

Want vs. need (or needs vs. wants) is one of the basic concepts of economics describing how what consumers want are not exactly what consumers need.

In microeconomics, the "needs" are described as "the lack of the means of subsistence". Needs would be defined as goods or services that are physiologically or biologically required for maintaining life. This would include the needs for air, food, water, clothing, shelter, sleepcite web
url = http://www.afm.ars.usda.gov/programs/coopres/tips/tips_needwant.htm
title = Communication Tips: Needs vs. Wants
accessdate=2008-01-30] . "Wants" are described as "having a strong desire for something" be it a consumable good, time, or money. Want is often a physiological desire. Fulfillment of wants make consumers’ lives more enjoyable.

Basic economic problems

There are two basic economic problems: unlimited wants and needs and limited resources. Unlimited wants and needs is an essential human characteristic. People are never totally satisfied. Resources available for production of goods and services are considered as limited, because quantities of labour, capital, land, and entrepreneurship are finitecite web
url = http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=unlimited+wants+and+needs
title = Unlimited wants and needs
accessdate=2008-01-30]

References

External links

* [http://www.learningtogive.org/papers/index.asp?bpid=19 Definition of Want vs. Need]
* [http://www.worldtelemetry.com/blog/index.php?/archives/20-Needs-vs.-Wants.html Needs vs. Wants]


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