is there an economic difference between a want and a need in economics?

Answer 1

Neither 'want' not 'need' is a word we use as economists. What matters is "demand". Demand is what people (and businesses, and governments) choose to spend their limited income on.

Busybodies often want to define for other people what their needs (presumably essential) are and what their (presumably more discretionary) wants are, but actually the difference is not objective, it is a matter of individual perception. For example, to a hooked heroin addict, heroin is a need (essential) and everything else including food and shelter is a want (to be got if there is money over).

All that said, you will find economists talking about "discretionary spending" and "discretionary income" if they are doing something such as trying to forecast next year's spending on some consumer item. This is an intellectual's way of separating wants from needs in the sense that we analyse (and accept, without judgment) how the public at large actually perceives. In general, when people get a pay rise, for example, or otherwise feel better off, they will "trade up" to (self-perceived) higher quality within more-basic consumption spending such as food, but the biggest proportional rise in their spending will be on things they perceive as discretionary such as restaurant meals, foreign holidays, electronic and electrical gadgets, and fancy clothes.

Answer 2

Yes, a want is something that you would like to have, while a need is something you absolutely must have in order to survive.
For example, toys/entertainment/jewelry are wants while food/water/clothing/shelter, etc are needs.

Hope this helps. ^_^

http://www.mcwdn.org/ECONOMICS/NeedWant.html

Answer 3

No, economics all things are wants. You might need food, but you want a hamburger, or a tossed salad. You might want desert but decide to have the quarter pounder with cheese.

What you want most you are more willing to pay for.

Answer 4

economy refers to the particular country's money making activities or trade economic is an adjective of economy which describes the attribute of known economy economics is a subject in which economy and economics is studied