Wants and Needs

Wants

Wants are things we wish we could have. Wants are shared by many people around the world, like maybe you want to be a millionaire, lots of people would love to be millionaires. Or maybe you want a new bike, lots of people would love that same new bike. Wants can be individual or they can be shared by groups of people.

Needs

Needs are wants that we have to have in order to survive. A need would be water. Somtimes you may want a pepsi because you are thirsty, but you dont really need a pepsi to live. You really need water to survive and keep your body healthy. You also need shelter, clothing, and food to survive. These are called basic needs. In todays economy you need money to survive, meaning that without money, you cant buy the things you need to survive, like food or shelter.

Goods and Services

Goods

Goods are sotmhing that can be physically wieghed or measured. Legally, in order to obtain goods you have to buy goods, usually by useing money. You may purchase the goods yourself, or you can have someone else purchase them for you. Another way to obtain a good is by performing a service for someone.

Services

Services are somthing that you do or someone else does for you. You perform many services a day and dont even probably realize you do. Getting a pencil for your friend during school can be considered a service, even though in most cases getting a pencil wouldnt be considered a service in the economics world. The basic definition of a service is a task a person or machine performs.