Question

What is the difference between a Need and a want? State and explain the three (3) basic economic concepts.

Answer 1

A need to survive or complete a mission is something you need.
A desire is simply the desire for something to satisfy a need in many cases. To live, you need food. You want to eat pizza or steak or fish sticks, but you are going to do anything that contains meat, calories, vitamins and minerals.
For order to survive for freezing temperatures, you need clothes. You want a comfortable snowsuit or perhaps a fur coat, but there's something you can do to keep your body heat running. Before it drops on your house, you need to cut down a large branch. You want to use a chainsaw, but you're going to do a hand saw.

Need: A need to succeed is something a person needs to have. The person will suffer physically or mentally without it.
Example: To live, we need to feed. But it leans to want to choose what to eat. For breakfast, lunch, and dinner, we may want pizza. Only fruits and vegetables can be consumed.Want: A choice is a need. A desire that a person may or may not be able to obtain. If a person doesn't get what they want, life will continue.
Example: Luke wants fun and something outside at the start of Star Wars Episode IV. Eventually, he understands that trust (in himself, others, and the force) is what he wants, which is an internal thing.

The word ' needs' is defined as the basic requirement of a person which needs to be met in order to survive. Wants are described as the goods and services that a person likes to have as part of his caprices.
There are restricted needs for a person while his desires are limitless. Needs are something you've got to have to live with. On the contrary, you want to have something to add comfort to your life. Needs are the essentials when trying to show desires. The human being's need to survive is significant. Wants, however, are not as important as wants, as a person can live without wanting to.

Needs are the things that are necessary for life and don't change over time. In comparison, wanting are those things that are desired whether right now or in the future by a person. Thus, the will may change over time.
Because needs are vital to life, failure to satisfy can lead to disease or even death. In comparison, wanting is not necessary for living, and therefore non-fulfillment does not have a major impact on the life of a person, but there may be dissatisfaction.