2006-10-01 06:51:39 · 4 answers · asked by sez 2 in Social Science ➔ Economics
Needs are things like water, food and shelter. That human beings have to have in order to survive.
Wants are things that are not absolutely necessary but which people would like to have.
The demand for a particular resource is the amount of it that is wanted or needed by people who are able and willing to pay for it at the price that it costs.
2006-10-01 08:35:26 · answer #1 · answered by gpridding 1 · 0⤊ 0⤋
You'd model needs by minimum consuption or leisure, before you consider alternatives.
Wants and "demand" have basically the same economic definition. Given prices and past consumption, demand is how much you'd like to consume of a certain good.
You have an aggregate demand which is the total demand for a good by everyone in an economy.
2006-10-01 18:57:05 · answer #2 · answered by GreenManorite 3 · 0⤊ 0⤋
You have needs: food, shelter, security, health care.
You desire wants: hobbies, movies, holidays, better food, better shelter, better everything
You have the $$ to afford them, and there is supply(pple willing to sell), so therefore, you demand! Normally, you must have $$ inorder to demand and take part in the FREE market economy. I emphasise the word "free". Cuz in the free mkt, nothing is free.
2006-10-02 00:48:28 · answer #3 · answered by Cat Commander 3 · 0⤊ 0⤋
I need a car, my daughter wants a car, and my ex-wife demands a car.
2006-10-04 18:41:33 · answer #4 · answered by Deadeye Dick 1 · 0⤊ 0⤋