Needs x Wants

a. Physiological needs: These are the most basic human needs required for survival, such as food, water, shelter, clothing, and sleep.

b. Safety and security needs: Once the physiological needs are met, individuals require a sense of safety and security. This includes personal security, financial stability, access to healthcare, and a safe environment.

c. Social needs: Humans are social beings, and they require social interaction, love, belongingness, and relationships to maintain their mental and emotional well-being.

d. Esteem needs: Esteem needs involve the desire for self-respect, recognition, achievement, and appreciation from others. These needs are related to self-esteem and self-worth.

e. Self-actualisation needs: At the highest level of needs, individuals strive for personal growth, self-fulfilment, and reaching their full potential.

Wants: Wants are desires or preferences that are not necessary for survival but are sought after for personal satisfaction, pleasure, or convenience. These are things that individuals may aspire to have but can live without. Wants are subjective and can vary from person to person, influenced by personal preferences, cultural factors, and societal influences.

a. Luxury goods: Expensive cars, designer clothing, high-end electronics, and other luxury items are often considered wants rather than needs.

b. Entertainment: Activities such as going to the movies, concerts, or amusement parks are wants that provide enjoyment and leisure.

c. Travel: While travel can be fulfilling and enriching, it is generally considered a want unless it is necessary for work or other essential reasons.

d. Hobbies and leisure activities: Pursuits like playing sports, collecting items, or engaging in artistic endeavours are wants that bring personal satisfaction and enjoyment.

It is important to distinguish between needs and wants to make informed decisions about allocating resources and prioritising one's actions. Needs should be prioritised over wants to ensure the fulfilment of essential requirements before pursuing discretionary desires.