In 15-20 sentences explain the concepts of Needs, Wants, and Demands.

Explain your answer

with the help of real-life experiences/examples that we come across in our daily lives. The
originality of the examples will be given preference.
Needs are usually expressed in terms of a limited set of items that individuals necessitate, in
order to provide basic requirements and achieve a good living. Typically, the list usually covers
basic needs, including food, clothing, water, rest, air and shelter. Human survival is indeed not
possible without all of these things being met, and if a need occurs in some of those areas, it is
an emergency warning. With our life, needs are also the necessary items to fulfill the states of
deprivation. In addition, Maslow’s hierarchy of needs which categorizes needs into 5 levels
starting from physiological needs at the bottom and going up to self-actualization needs. For
example, when we skip our meals from breakfast until the evening in just one day, it causes us
less energy, we feel tired and sluggish, we won’t be in the best mood, our body feels weak and
so on. On the other hand, wants is a desire for a specific good or service that is not necessary
for basic existence. Wants really aren’t essential requirements and these are not necessary for
human survival, but there is still a relationship between needs and desires. It activates
individual preferences and interests if a need emerges and eventually wants to develop,
because wants are not real concerns. Wants were not constant and based on the period,
individuals and place will change. It’s non-fulfillment that may result in mental distress. For
example, last December was my friend’s debut and even I have my clothes to wear and use, but
still I wanted to have a new dress. And last is the demand, wherein are applications for
particular goods that are ready and able to be paid by the consumer. They are assisted by the
capacity and desire to purchase power, wants are accompanied by money and willingness to
spend all the money becomes demand. In other terms, it implies that if a consumer is able and
willing to purchase a need or want, they have such a demand for that want or need. In addition,
by selling goods at varying prices and quality, marketers may also affect demand. For example, I
have 2,000 in my wallet and I want to purchase a merchandise that is worth 1,300, since I want
it, I can afford it and I’m willing to buy it, I demand a merchandise.