00:09
There are many terms we discuss in this chapter that are related.
00:13
So let's go over the relationship between some of them.
00:20
We've discussed wants and also needs.
00:37
Let's define them so we can understand what the similarities and differences are between them.
00:44
So ones are desires that can be satisfied by consuming a good or service.
01:29
And needs are also things that we consume.
01:33
Goods or services, but they're necessary for survival.
01:56
Let's think food, shelter, clothes.
02:11
And the main difference between these is that wants are unlimited, but needs are not.
02:38
Not all wants are needs, but a need may also be a want if both are necessary for survival and desired also by the consumer, by consuming a good or service.
02:50
For example, food is a need, but pizza's particular want...