Needs, Wants, and Resources

Needs are the things people require to survive and function at a basic level, like food, water, shelter, and basic healthcare, though exactly what counts as needed can vary somewhat by climate, health, and circumstance. Wants are things people desire but could still live without, like a specific brand of shoes or the latest phone, and wants vary enormously between individuals, cultures, and time periods; economists generally treat wants as effectively unlimited, since satisfying one want often reveals or creates new ones, while needs stay comparatively finite.

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