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Needs and wants

The first thing you need to learn about economics is acknowledging and describing the difference between a need and a want. You might thing it is easy to learn, but you’re wrong. Statistics show that two out of three high school graduates failed a simple need and want quiz. So what are needs and wants?
A need is something you have to have, something you can’t live without. An example of a need is food. We all need food to survive. It is essential in our lives to eat. If we didn’t have food we would die of starvation.
On the other hand, a want is something you would like to have, it won’t kill you if you don’t have it, but it’s a good thing. An example of this is Music. People might say that music is a need because they do everything with it, example exercise. You don’t need music to survive but you definitely need food.
Not all foods are needs. You need to eats protein, vitamins and mineral, it’s up to you where you acquire

 

 

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