Need, Desire and Wants are all different. Do you think a person can satisfy all of her/his wants? If not, why? If yes, how? Explain this with a suitable example, clearly distinguishing between Need, Desire and Wantv
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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.
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