Question

Differentiate between needs and wants

Answer 1

In economics, the idea of survival is real, meaning someone would die without their needs being met. This includes things like food, water, and shelter. A want, in economics, is one step up in the order from needs and is simply something that people desire to have, that they may, or may not, be able to obtain.

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Answer 2

Need stands for when it fullfills somebody's satisfaction.
Wants stands when fullfills somebody's likes and dislikes.