Difference Between Needs and Wants
Needs point out the something you must have for survival.
On the other hand, wants refers to something which is good to have, but not essential for survival.
For the purpose of spending and saving money wisely, every person must know the difference between needs and wants.
Definition of Needs
By the term needs, we mean those requirements which are extremely necessary for a human being to live a healthy life. They are personal, psychological, cultural, social, etc that are important for an organism to survive. In ancient times the three basic needs of the man are food, clothing and shelter but with the passage of time, education and healthcare also became integral, as they improve the quality of life. They are a person’s first priority as they are the things, that they keep us healthy and safe. Therefore, if needs are not satisfied in time, it may result in illness, inability in functioning properly or even death.
Definition of Wants
In economics, wants are defined as something that a person would like to possess, either immediately or at a later time. Simply put, wants are the desires that cause business activities to produce such products and services that are demanded by the economy. They are optional, i.e. an individual is going to survive, even if not satisfied. Further, wants may vary from person to person and time to time. We all know that human wants are unlimited while the means to satisfy those wants are limited. Hence, all the wants of an individual cannot be met and they must seek for alternatives.
(from https://keydifferences.com/)