IGCSE, A Level Business Student Forum

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

Possible Structure:
[KN]
[AN]

[KN]
[AN]

[KN]needs are a necessity to survive whereas wants are a luxury we would like to have
[AN]when resources are limited, people tend to fulfil needs instead of wants

[KN]needs are such everyone agrees on however wants are sometimes cultural and not always the same
[AN]wants may be a priority for some but are a secondary to needs for others

[KN] Needs are those things that are essential for one's survival whereas wants are not essential for living one can live without them
[AN} Thus they are the main priority of a person is that he has to fulfill his needs first and then attend to his wants are not vital for his living


[KN] Needs are limited and can be fulfilled whereas on the other hand, wants are unlimited and cannot be fulfilled
[AN] This is because of the factor of scarcity as there are limited resources available to the economy where not everyone's wants can be fulfilled as the economy does not possess the ability to produce that much quantity

[KN]Needs are essential for living whereas wants are not essential for living and are referred to as the "luxuries of life"
[AN]The main aim of a person is to fulfil their needs like food,water etc.Once these are fulfilled then a person may enjoy his or her wants if they have enough finances left to pay for them

[KN]Needs of people are limited whereas their wants are unlimited
[AN]There are limited resources in an economy and needs may be provided however there never can be enough resources available to fulfil wants of the people.This is the basic economic problem and it is known as scarcity

[KN] Needs are Basic necessities where as wants are not essential for survival
[AN] This means that the top priorities of a person would be needs so to make sure their needs are met as wants are an secondary.

[KN]Limited VS unlimited
[AN] Needs as being the basic necessities are limited whereas wants are unlimited and resources to produce them are limited

Ibrahim Aamir wrote: ↑Tue Oct 24, 2023 7:38 pm [KN] Needs are Basic necessities where as wants are not essential for survival
[AN] This means that the top priorities of a person so to make sure their needs are met as wants are an secondary.

[KN]Limited VS unlimited
[AN] Needs as being the basic necessities are limited whereas wants are unlimited and resources to produce them are limited

I think that both knowledge points and first analysis could be improved. As the point is not well explained.

[KN] Needs are those things that are essential for one's survival whereas wants are not essential for living one can live without them
[AN} Thus they are the main priority of a person is that he has to fulfill his needs first and then attend to his wants are not vital for his living


[KN] Needs are limited and can be fulfilled whereas on the other hand, wants are unlimited and cannot be fulfilled
[AN] This is because of the factor of scarcity as there are limited resources available to the economy where not everyone's wants can be fulfilled as the economy does not possess the ability to produce that much quantity

KN: Needs are those which are essential for survival for a person for e.g food shelter etc these are basic necessity of a human
AN:Even thought they are limited but are needed to be fulfilled for survival

KN: Want is a desire for something and something that is not essential for living for e.g expensive phone etc
AN: wants are unlimited but are not important for survival

[KN] A need is something that is vital for survival whereas a want is smoothing that an individual
desires but would be able to live without.
[AN] The pricing strategy is set according to the consumer demands; for needs there is a little variation whereas in wants the prices may increase in times of growth & vice versa.

[KN] Demand for needs is price inelastic whereas for wants it is price elastic.
[AN] this means businesses may charge high prices for necessities like medical treatment etc however wants are desires so if high prices are charged people may shift to competitors or postpone their purchase.
[AN+] Thus this will lead to higher profits.

[KN] Needs are those which are essential for living for example food,water,shelter etc and are basic necessities.
[AN] These are limited resources but are essential for every person to purchase it in order to live.
[KN] Wants are desire of someone and are not essential for living.
[AN] Wants are unlimited but people have limited resources to fulfill their wants.

Farzan Siddiqui wrote: ↑Tue Oct 24, 2023 10:37 pm [KN] Needs are those which are essential for living for example food,water,shelter etc and are basic necessities.
[AN] These are limited resources but are essential for every person to purchase it in order to live.
[KN] Wants are desire of someone and are not essential for living.
[AN] Wants are unlimited but people have limited resources to fulfill their wants.

You have to correct the format. In the first knowledge point you have to mention the difference between need and wants and then explain. Same in the second knowledgeable point you have to write another difference and then explain.

(Kn) needs are necessities whereas wants are what a person would like to have (an) a person can not survive without their needs like food but wants are not required for survival but rather for pleasure or enjoyment
(Kn) purchase of wants can be delayed whereas purchase of needs cannot be delayed (an) a person cannot survive without needs and must have them in order to live on like shelter but wants i.e luxuries are nothing but desires and not needed on an urgent basis

[KN]needs are the necessities for a person to survive whereas wants are something which person wish to have.
[AN]thus needs have to be fulfilled as without food (need) it would be difficult for person to live but wants are something which can be achieved anytime and are not essential for the survival.


[KN] Needs are limited and can be fulfilled whereas on the other hand, wants are unlimited and cannot be fulfilled
[AN] This is because of the factor of scarcity as there are limited resources available to the economy where not everyone's wants can be fulfilled as the economy does not possess the ability to produce that much quantity.

[KN] Needs are essential for survival and cannot be ignored whereas wants are extra luxuries which people desire but are not necessary
[AN] therefore needs are price inelastic whereas wants are price elastic so firms can make informed decisions regarding variations in price to increase total revenue by using the knowledge of PED
[KN] everyone must spend on needs in order to survive however wants are only afforded by people with higher incomes
[AN] therefore segmentation for firms becomes easier and so lesser resources are wasted

[KN]needs are those which are essential for living like food while wants are desires of humans that do not need to be fulfilled
[AN]needs are limited resources but are necessary for every person to buy in order to live while wants are unlimited and there are limited resources to fulfil their wants
[AN+] humans cannot survive without needs (food and water) while humans can survive without wants.
[KN] if needs are not fulfiled it can lead to a set of diseases while wants not being fulfiled doesnt harm the human body
[AN] however if wants arent fullfiled it can lead to dispointment