difference between want and need?
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Answer:
Explanation:We all know that economics is a social science, which deals with production, distribution and consumption functions. It is all about making choices regarding the allocation of scarce resources, so as to make their best possible use and satisfy human wants and needs. In economics, we often go through the terms needs and wants, but have you wondered about their differences. Needs point out the something you must have for survival.
On the other hand, wants refers to something which is good to have, but not essential for survival. For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.
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A need is something that a person must have in order to thrive. Without it, that person will suffer either physically or mentally.
A want is a choice. A desire which a person may or may not be able to get. Life will continue if a person doesn’t get what they want.
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