Difference between Needs and Wants

Summary

This lesson explains the key difference between needs and wants. It highlights that needs are essentials required for survival, like food, water, and shelter, while wants are things we desire for comfort or enjoyment but can live without, such as entertainment or luxury items. Through a story of Praveen preparing for school, the video helps clarify these concepts, showing that some items, like a branded cricket bat, are needs for some but wants for others. The lesson encourages viewers to evaluate whether an item is a true need or just a want before purchasing.

Takeaways

• 😀 Needs are essential for survival, such as food, clothes, and shelter.
• 😀 Wants are things that make life enjoyable but are not necessary for survival.
• 😀 A tablet can be considered a want, as it enhances fun but is not needed for survival.
• 😀 Examples of needs include water, medicines, school uniforms, and fruits.
• 😀 Examples of wants include pizza, movies, PlayStation, and branded items.
• 😀 Praveen's story highlights the difference between needs and wants, as he decides not to buy a new fancy bag or bottle.
• 😀 Sometimes, what is a want for one person may be a need for another (e.g., Praveen's friend Kevin needs a branded cricket bat for his school team).
• 😀 In Praveen's case, a branded cricket bat is a want, but for Kevin, it's a need.
• 😀 Key items such as school shoes, study tables, and LPG gas are examples of needs, while vacations, designer dresses, and expensive phones are wants.
• 😀 Always ask yourself whether you truly need an item or if it's just something you want before making a purchase.

Q & A

What is the difference between needs and wants?

Needs are things we require to survive, such as food, water, clothing, and shelter. Wants are things we desire that make life more enjoyable but are not essential for survival, such as toys, movies, or branded items.

Why is it important to differentiate between needs and wants?

Differentiating between needs and wants helps in making better decisions when it comes to spending money and prioritizing essential items over non-essential ones.

What are some examples of needs mentioned in the video?

Examples of needs include food, water, shelter, school uniforms, medicines, toothpaste, vegetables, and fruits.

What are some examples of wants mentioned in the video?

Examples of wants include a pizza, going to the movies, a tub of popcorn, nachos, PlayStation, and a phone.

What lesson does Praveen learn from his mother regarding his school supplies?

Praveen learns to prioritize his needs over wants. His mother helps him understand that he doesn’t need new items like a fancy bag or a new bottle when he already has functional items.

How does Praveen’s need for a cricket bat differ from Kevin’s need?

Praveen, being an amateur player, can use his old bat, while Kevin, who is on the school cricket team, needs a high-quality branded bat. Thus, Kevin’s need for a branded cricket bat is different from Praveen’s.

Can a person’s want be another person’s need? Give an example.

Yes, a person’s want can be another person’s need. For instance, while Praveen doesn’t need a new cricket bat, Kevin, being a cricket player, needs a new branded cricket bat for his performance.

What are some items listed as needs in the video?

Some items that are considered needs in the video include school shoes and pens.

What are some items listed as wants in the video?

Items listed as wants include a new fancy bag, a new bottle, and a branded cricket bat.

What should you consider before buying an item, according to the video?

Before buying an item, you should ask yourself whether you need the item for survival or if it's just something you want for enjoyment or comfort.