Definition of Need and Wants | Characteristics wise Explanation

Definition of Need and Wants | Characteristics wise Explanation

Definition of Need

A need is something that a person must have in order to thrive. Without it, that person will suffer either physically or mentally.

Definition of Want

A want is a choice. A desire which a person may or may not be able to get it. Life will continue if a person doesn't get what he/she wants.

Examples

• Having a watch is a need but having a Rolex watch is a want.
• Having a samosa is a need but eating it in a restaurant is a want.
• Having a friend in need but having a girlfriend is want.
• Having a phone is a need but having an iPhone is a want.

Human wants are further having two types

1. Economic Wants

Those wants which can be satisfied only by using goods and services or by spending money e.g. want to get a car or to have a haircut are economic wants.

2. Non-Economic Wants

The desire of the people which possible to satisfy without the use of materials goods or money is called non-economic wants e.g. desire for friendship, and love. Non-economic wants also include such wants, which can be satisfied by using natural resources available freely e.g. breathing air etc.

Characteristics of Needs and Wants

• They are unlimited, we will never completely satisfy all of society's needs and wants. There will always be new needs and wants to be born.
• They are recurrent. Some needs and wants are recurrent. They have to be satisfied again and again.
• They are complementary. Satisfaction of some needs and wants requires the consumption of more than one good or service. In order to satisfy the want of listening to music, you must "consume" both a compact disc and a compact disc player.
• They change. An individual's needs and wants change over time.