ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A need is something that is needed to survive. A want is something that an individual desires, but would be able to live without.

Detailed explanation-2: -A “want” is something we desire that is not essential to survival.

Detailed explanation-3: -A need is something necessary to live and function. A want is something that can improve your quality of life. Using these criteria, a need includes food, clothing, shelter and medical care, while wants include everything else.

Detailed explanation-4: -An individual needs are limited while his wants are unlimited. Needs are something that you must have, in order to live. On the contrary, wants are something that you wish to have, so as to add comforts in your life. Needs represents the necessities while wants indicate desires.

Detailed explanation-5: -Economic and Non-Economic Wants: Economic wants are related to commodities and can be satisfied using money. While non-economic wants are something which money and goods cannot suffice, like peace, affection, etc.