Also known as needs, necessities, requirements, necessity, requirement
A need is a deficiency at a point of time and in a given context. Needs are distinguished from wants. In the case of a need, a deficiency causes a clear adverse outcome: a dysfunction or death. In other words, a need is something required for a safe, stable and healthy life (e.g. air, water, food, land, shelter) while a want is a desire, wish or aspiration. When needs or wants are backed by purchasing power, they have the potential to become economic demands.
A need is something essential for a person's safe, healthy, and stable life—like air, water, food, shelter, or land—where lacking it causes serious harm or death, which distinguishes it from a want (a desire or wish that isn't essential). Understanding the difference between needs and wants matters because when people have the money to buy things, their needs and wants both become economic demands that shape markets and economies.
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