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I feel like the difference between "needs" and "wants" is an elementary distinction we make on a day-to-day basis. But when we're talking about firms and econom
by kerbalspacepro 9y ago
I feel like the difference between "needs" and "wants" is an elementary distinction we make on a day-to-day basis. But when we're talking about firms and economics, the distinction does not exist except as labels for the amount of elasticity in demand something has.
- bo1024 9y ago...but, when we're talking about individual human beings, who may be misinformed and shortsighted, the distinction is pretty important.