What is the Difference Between Need and Want?
🆚 Go to Comparative Table 🆚The main difference between needs and wants lies in their importance and necessity for survival. Here are the key distinctions between the two:
- Needs are essential elements required for our survival and well-being. They are necessary for living and functioning, and not meeting these needs can pose a risk to our health or life. Examples of needs include food, water, shelter, and medical care.
- Wants are desires that can improve our quality of life but are not essential for survival. They are optional and can vary from person to person and time to time. Wants are the things that individuals crave for but can still survive without.
In the context of economics, needs are considered something that must be fulfilled for an individual to survive, while wants are goods and services that an individual would like to have as a part of their desires. Needs and wants are often used in the same context of people desiring things that they don't have, but the common distinction made between the words "need" and "want" is how urgent or essential the desired item or service is.
Comparative Table: Need vs Want
Here is a table highlighting the differences between needs and wants:
| Feature | Needs | Wants |
|---|---|---|
| Definition | Requirements essential for survival and well-being | Desires and preferences beyond the basic necessities required for survival |
| Examples | Food, water, shelter, clothing | Luxury items, entertainment, travel |
| Prioritization | Prioritized over wants in decision-making | Secondary to needs in decision-making |
| Non-fulfillment consequences | Non-fulfillment leads to distress or harm | Non-fulfillment leads to dissatisfaction |
| Essentiality | Essential for physical and mental well-being | Not essential for immediate well-being |
| Universality | Universal and common to all individuals | Vary from person to person and are subject to personal taste, lifestyle, and affordability |
Needs are essentials required for survival and well-being, such as food, water, shelter, and clothing. Non-fulfillment of needs can lead to distress or harm, and they are prioritized over wants in decision-making.
Wants, on the other hand, represent desires and preferences beyond the basic necessities required for survival. They often include material possessions, luxury items, experiences, and entertainment. Wants vary from person to person and are subject to personal taste, lifestyle, and affordability. Non-fulfillment of wants leads to dissatisfaction, but it does not causing immediate harm or distress.