Difference between a need and a want
Need vs want:
An essential factor in financial planning would be learning to utilize one’s economies wisely as opposed to purchasing all that one does not need. In order to do that, one needs to distinguish the difference between a want and a need. Although both these things have the potential of making an individual happy when they have been achieved, there are very large differences between these two terms that sets them apart.
What is a need?
A need can be defined as a bare necessity that is essential for survival. It is something that one has to have regardless of one’s economic conditions. Without proper satisfaction of a need, a human being could die. Needs are the basic living essential. Needs can be either man-made or natural. Several examples for natural needs would be oxygen, water, food whereas examples for natural needs could be a roof over the head, fuel, books, etc.
What is a want?
A want can be defined as something that an individual feels a desire for, but is not really essential for his or her survival. It is not a need and therefore, not satisfying these wants will not lead to the death of an individual. A want can also be defined as the various ways in which one can satisfy a need. Several examples for wants would be a mansion, swimming pool, luxury vehicle, expensive cloths, etc.
What is the difference between a want and a need?
A want is a bare essential for a human being. Without satisfying a want, an individual could die. On the contrary, a want is merely a thing that an individual feels a desire for. Not satisfying a want will not lead to that individual’s death. For example, a man will surely die without having any food and water to satisfy his hunger and thirst. On the contrary an individual could feel an extraordinary desire for expensive food and even a swimming pool and yet, not having those things will not lead to his death. It will only make him unhappy.
A want can also be defined as a way in which needs can be satisfied. For example, a person’s thirst can very well be quenched by a glass of water whereas he or she would crave for a glass of champagne or another expensive liquid instead. Similarly, having a normal sized house would be sufficient for the survival of man and yet, he or she can also have a mansion, castle, etc instead as well.