Differentiate between needs and wants? Explain
Needs are essential items or services that are necessary for survival and well-being, such as food, water, shelter, and healthcare. These items are required for individuals to live a healthy and fulfilling life.
On the other hand, wants are desires or preferences that are not necessary for survival but are desired for comfort, convenience, or enjoyment. Wants are often influenced by societal norms, advertising, and personal preferences.
In summary, needs are necessities for survival and well-being, while wants are desires for additional comfort or enjoyment. It is important to prioritize needs over wants in order to maintain a healthy and balanced lifestyle.