Differences between Needs and Wants
The main difference between needs and wants is that needs are often fulfilled on a regular basis whereas wants are typically fulfilled less frequently or on a more occasional basis.
Before we move to more differences, let’s first understand Needs and Wants:
- Needs: Needs refer to the basic requirements for human survival, such as food, water, shelter, and clothing.
- Wants: Wants refer to things that individuals desire but are not essential for survival.
Now, let’s get to Needs vs Wants:
Major differences between Needs and Wants
| Needs | Wants |
|---|---|
| Needs are basic requirements for human survival. | Wants are things that are desirable but not required. |
| Needs are universal and consistent across all individuals. | Wants are subjective and vary from person to person. |
| Needs are typically satisfied first. | Wants are usually satisfied after all needs have been met. |
| Needs are more important than wants in terms of survival and basic well-being. | Wants can contribute to a higher quality of life and overall happiness. |
| Needs are necessary for survival. | Wants are not essential for life. |
So, these are the main differences between the entities.
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