difference between needs and wants in commerce
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Answer:
There is a difference between a needand a want. A need is something essential to survive. A want is something which we would like but do not need to survive. Humans have five basic needs: food, water, shelter, warmth, and clothing.
helo
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When it comes to owning or acquiring certain things, people would often use the terms ‘want’ and ‘need’ interchangeably. In many cases, the manner in which people would use these two terms can lead one to perceive that these two have similar meanings, if not mean absolutely just the same thing. But actually, these two economic terminologies are very different from each other.
A need is generally referred to, in economics, as something that is extremely necessary for a person to survive. If a need is not met, it would lead to the onset of disease, the inability to function effectively and efficiently in society, and even death. Needs are categorized into two groups. There are the objective or physical needs, and the subjective needs. Objective needs are those that are met through tangible things, or things that could be measured. Examples of these include food, water, shelter and even air. On the other hand, subjective needs are those that are often seen to ensure our mental health. Examples of these are self-esteem, a sense of security and approval.