01 Outline difference between a need and a want, using an example for each.

[Shaliza khawaja]

(KN)A need is something essential for survival and want is something we desire
(APP) eg in order to run a business, full staff is required eg manager, finance director or cleaner. Whereas business might want to grow and expand.
(AN) If needs for a business is not achieved like proper staff it would lead to ill management and making everyone confused on what to do or how to carry even daily operations whereas in case of want a business can put that off without worry about causing chaos in the business.

[Shuraim Arif]

(KN) Needs are essential for survival and are limited while wants aren't essential for survival and are unlimited.
(APP) For example, water is essential and people can't live without it whereas a soft drink such as Coca Cola is not essential; people don't rely on it as their primary source of hydration.
(AN) This shows that needs such as food and water are very important and its demand mostly doesn't change with price, meaning if the price of a water bottle was increased by a dollar, people would still buy it (Price inelastic demand). On the other hand, if the price of a can of soda was increased by a dollar, people might find it harder to afford and may start looking for alternatives, hence decreasing the demand for that specific soda. (Price elastic demand)

[M huzaifa jillani]

A need is something we must have to live, like food.
if people dont get food,they become weak ,so businesses selling food are always important.

A want is something extra we like , like a new iPhone. if someone buys it , they feel happy ,but if they dont , they can stll live so it is less important than food.

[amaimatif]

KN: A need is something required to survive, like food, water, and shelter.
Without needs, people cannot live properly.

APP: For example, clean water is a need because humans must drink it.
But Pepsi is just a want as it’s not essential.

AN: Wants are desires that make life enjoyable but not necessary.
Needs are basic for survival, while wants are extra.

[Haiderabbas]

KN: A need is essential for living (like shoes to protect feet) while a want is extra (like designer trainers).
APP for e.g... you need a plain pair of shoes to go to school, but you want AirPods to look cool.
AN Needs satisfy survival or basic function, wants satisfy desire or status so people buy wants only if they can afford it

[Areeba Arshad]

[KN] A need is something essential for human survival, such as food, water, or shelter, whereas a want is something people desire but can live without.
[APP] For example, clean water is a need because it’s necessary to stay alive, while a Pepsi is a want because it’s only a preferred choice for satisfaction.
[AN] Needs are essential for survival, so they must be satisfied first. Wants are non-essential items that provide extra satisfaction once basic needs are met. Therefore, the key difference lies in necessity versus desire, showing that needs sustain life while wants enhance lifestyle.

[Areeba Arshad]

[KN] A need is something essential for human survival, such as food, water, or shelter, whereas a want is something people desire but can live without.
[APP] For example, clean water is a need because it’s necessary to stay alive, while a Pepsi is a want because it’s only a preferred choice for satisfaction.
[AN] Needs are essential for survival, so they must be satisfied first. Wants are non-essential items that provide extra satisfaction once basic needs are met. Therefore, the key difference lies in necessity versus desire, showing that needs sustain life while wants enhance lifestyle.