IGCSE, A Level Business Student Forum

[KN]needs are a necessity to survive whereas wants are a luxury we would like to have and are not necessary for survival.
[AN]When resources are limited, people tend to fulfil needs instead of wants as without it people can't continue to live their life.
[KN]Needs are something everyone must have however wants are sometimes not always needed by people and may be unimportant to many people.
[AN]Wants may be a priority for some people but are not significant to others who want to fullfil their needs.

[kn] needs are items or services that one is dependent on for living however wants are items that make ones life more luxurious
[an]businesses producing items or services that are a need are going to not have to go through the struggle of fluctuations in demand where as businesses producing wants will have unique and eye catching products

[kn] these products or services can be used universally without the difference between any race or religion getting in the way however wants are the products and services that vary from person to person
[an]for businesses producing needs they don't have to go through the hassle of deciding who to produce for where as the wants are targeted towards a specific customer base

Comment: Answer is perfect, choice of words needs improvement.

[KN] There is a difference in the nature of needs and wants ,needs are likely to be goods and services which are necessary for survival eg food whereas wants are the products which are desires of consumers but one can live without them
[an] Needs are mostly the part of mass markets whereas wants targets the niche markets mostly.

[KN] Difference in PED of needs and wants
[an] Needs have a price inelastic demand as their purchase cannot be delayed whereas wants have a more price elastic demand as they can be bought later and may also have many substitutes; thus delays are expected.

2. Analyze the possible differences between needs & wants. [4]

[KN]Needs are the basic necessities used in our everyday life(food, water, hygiene products, etc.)
[AN]As they are essential for living, and important for survival in most cases, it is important to fulfill it.
[AN+]Needs are limited, due to lack of most resources

[KN]Wants are a desire of possession for specific goods and services(not necessarily essential for living, but some products can be turned into one)
[AN]As it isn't as essential for living, most low income earners tend to fulfill them after fulfilling their needs
[AN+]Wants are unlimited and play an important role in the economic problem where wants are infinite while resources are finite

[KN] Needs are things that are essential for human survival and basic necessities
[AN] Thus they are the main purpose of a person is that he has to fulfils his needs first and then focus on wants which are not essential for survival

[KN] Needs are limited whereas wants are unlimited
[AN] there are limited resources in the economy to fulfil the needs but wants can ever b fulfilled as resources are limited.

[KN]Needs are essential for living whereas wants are not essential
[AN]The main aim of a person is to fulfil their needs like food

[KN]Needs of people are limited whereas their wants are unlimited
[AN]There are limited resources in an economy

(An) Needs can’t be compromised whereas wants can be (an) needs are essentials and must be bought whereas wants can be put to hold.

(An) Needs fulfill human requirements whereas wants give them joy (an) therefore, needs come first as they can’t be lived without and wants are not as important when compared to needs.

[kn] Needs are necessary for existence whilst wants are people's boundless desires that are not necessary for survival
[an] since needs are essential for living, they are always priced low or at affordable price ranges while wants are from a different range of pricing

[kn] demand for needs remain ineleastic regardless of social casts whilts wants differ from person to person
[an] hence businesses target certain sectors depending on the demand

(KN) Needs are basic necessities whereas wants are what people desire.
(AN) as needs are what is required for one to live essentially, and wants are those what people would like to have but are not necessities .

(KN) Everyone has the same needs but have different wants depending on the culture, and mind
(AN) as needs are what are essential for one to live therefore its same for all, but wants are what people would like to have therefore vary from different culture and mindsets.