Question

Conclusion on needs and wants

Answer 1

$\textit{Needs}$ and $\textit{Wants}$ appear to be same thing,but actually they are two separate words with a broader meaning.

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$\textbf{Example-}$

$\textsf{I}$$\textbf{Need}$$\textsf{a pen. }$
$\textsf{I}$$\textbf{Want}$$\textsf{a pen. }$

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$\underline{Need:}$

Need is a mare desire to have a commodity.
Example= A poor person needs a bicycle.

(Here, the poor person needs i. e. he desires to get a bicycle but don't have the proper resources (money) to buy it.

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$\underline{Want:}$

A desire to have a commodity which is backed by the willingness and ability to buy it.
Example = A poor person wants a bicycle.

(Here, the poor person is willing to buy a bicycle and has the resources (money) and the ability to fulfill his desire.)

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Hope you understand
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