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Human Needs vs. Wants
Transcript of Human Needs vs. Wants
Concept of Needs and Wants
What is a human need?
Human need is a certain commodity we need to have in order to survive. It is essential for everyday life for humans,
Ex: Food - if you dont eat food, we cannot survive too long even though you might be able to go days without food but eventually will need it.
The poverty line is also defined as the amount of income required to satisfy those needs.
What is a human want?
Human wants are certain commodities that we desire to have but are not necessary for our survival.
Ex: Glamourous trips, shopping malls, designer clothes - we do not need these to survive in our daily life but we do need food.
Which one is a need...which one is a want?
All the goods and services can be categorized into needs and wants.
Needs are necessities.
Wants are desires.
Not all needs and wants can be satisfied with the resources available therefore we call this scarcity.
However, does that mean that you should only buy the things that you need? Not at all. Life is meant to be lived, not survived. Treat yourself to some wants along the way, but do so when you can afford to, and enjoy those wants!
One of the most principle concepts in economics.
Categorises goods and services into two different categories of needs and wants.
State whether a need or want
A Girl's Best friend!
Naaaa...you dont need these!
"Our necessities never equal our wants."