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Needs And Wants

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When you are done with this page, try the Needs and Wants Quiz.

One important idea in economics is that of needs and wants. Needs would be defined as goods or services that are required. This would include the needs for food, clothing, shelter and health care. Wants are goods or services that are not necessary but that we desire or wish for. For example, one needs clothes, but one may not need designer clothes. One does not need toys, entertainment, gems, etc.. One needs food, but does not have to have steak or dessert. One does not need glamorous trips, mall shopping, etc..

An important part of economics is the distribution of resources or goods so that people's needs are met. This is especially true in times of scarcity when there are not enough resources, goods or services.

Many times advertisers try to appeal to consumers in such a way that the consumers feel they need certain goods or services when in fact they only want them.


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