There are wants and there are needs. This is a basic element of health, economics, and social structure. First there are wants: things which you might desire, but which are not essential to your life & livelihood – luxuries, frivolities, hobbies. Then there are needs: things which you might not desire, but which are essential to your life & livelihood – sustenance, shelter, warmth. There are wants which can provide some needs, and some needs which you might want. But at the end of the day, needs are essential: wants are not.
It is important to distinguish between the two.
|Basis for Comparison||Needs||Wants|
|Meaning||Needs refers to an individual’s basic requirement that must be fulfilled, in order to survive.||Wants are described as the goods and services, which an individual like to have, as a part of his caprices.|
|What is it?||Something you…|
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