Meaning of Wants and Needs - JSS2 Business studies Lesson Note

Wants: Wants are desires or preferences for goods, services, or experiences that individuals wish to acquire to satisfy their desires or enhance their quality of life. These are things that people would like to have but are not necessarily essential for their survival or well-being. Wants are often shaped by personal preferences, cultural influences, advertising, and social norms. Examples of wants include luxury items, entertainment products, and leisure activities.

Needs: Needs, on the other hand, are necessities or essential requirements for individuals to survive, thrive, and maintain their basic well-being. They are fundamental to human life and include things like food, water, shelter, clothing, healthcare, and education. Needs are universal and must be fulfilled to ensure physical, emotional, and psychological health and functioning.

 

The primary difference between wants and needs lies in their necessity and importance. Needs are essential for survival and well-being, whereas wants are discretionary and optional. Meeting needs is crucial for maintaining life and health, while satisfying wants contributes to quality of life and personal satisfaction. Additionally, needs tend to be more uniform across individuals and cultures, while wants can vary greatly depending on personal preferences and circumstances.