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Difference Between Needs and Wants

It refers to the basic requirements for the human beings. For example: water, air, cloth etc.
Food, Cloth and shelter are our basic needs. They are important for our survival.

Wants are all those commodities above the basic requirements. These are goods and services which people seek to obtain in order to improve their standard of living. For example: television, chocolates, computers etc. Human wants are unlimited.

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