The first thing you need to learn about economics is acknowledging and describing the difference between a need and a want. You might thing it is easy to learn, but you"re wrong. Statistics show that two out of three high school graduates failed a simple need and want quiz. So what are needs and wants? .
A need is something you have to have, something you can't live without. An example of a need is food. We all need food to survive. It is essential in our lives to eat. If we didn't have food we would die of starvation.
On the other hand, a want is something you would like to have, it won't kill you if you don't have it, but it's a good thing. An example of this is Music. People might say that music is a need because they do everything with it, example exercise. You don't need music to survive but you definitely need food.
Not all foods are needs. You need to eats protein, vitamins and mineral, it's up to you where you acquire them from. Meat, nuts and soy products provide protein. Fruits, veggies, bread and dairy products provide vitamins and minerals. These basic foods are needs.
You can still get protein, vitamins and minerals from other foods like ice cream. But eating the basic foods gives you the same amount of protein, vitamins and minerals without the excess of fat that ice cream provides you. That's why ice cream is a Want.
Abraham Harold Maslow is well known for conducting the hierarchy of needs. He was born April 1st, 1908 in Brooklyn New York. His parents were uneducated Jews from Russia. They wanted the best for him and pushed him hard to academics success. He was a lonely boy but had found his protection in books. He devoted most of his life studying with Albert Einstein and teaching psychology. In 1951, he produced the Hierarchy of Needs. He was very ill and died from a heart attack on June 8th, 1970. .
