Needs VS Wants

          In the past few classes, we’ve discussed the importance of the economic process and realized how everything is interrelated to one another. Some of the things that we learned about is the difference of human needs from wants and the limited resources that we have. Human needs are the basic necessities that a person should have in order to continue living such as food, shelter and clothing. Wants, on the other hand. are the things that a person desired for himself and can only be satisfied for a specific period. Resources are scare and continuous human wants complicates this economic problem.

Price Control

          According to John Holmes, whose research into the link between alcohol pricing and public health was used by the government in framing the proposed pricing policy says "There's a huge amount of evidence that pricing is linked to consumption," The immediate effects of a higher minimum price included fewer acute hospital admissions and fewer deaths caused solely by alcohol, such as alcoholic gastritis. After two to four years there were also fewer cases of alcohol-related diseases.

          These problems relates to pricing control of tobacco and alcohol shows us how the government tries to lessen the consumption rate for these products. For me, it promotes a better lifestyle and also help the consumers to know the difference of needs from wants. 

What We Want and Need

          There other wants and needs as well aside from alcohol and tobacco. Needs can turn to wants too. A big house, a branded shirt. or food are wants. You might need it but spending excessively for it isn’t a necessity. We, as humans, always tend to want something. We buy luxuries because of endless wants and social pressure. 

Want:

• designer clothes

• big house

• latest electronic gadget

• excessive food

Need

• food

• shelter

• clothes

• basic hygienic materials

          When I was kid until recently, I grew up living with my parents. My parents, especially my dad, is a type of person who spends because he can afford it. He always told me to stop thinking spending too much.  Most of the times, I get what I wanted because of them but I always hold back myself because deep down I know that money isn’t easily earned. I grew up thinking that way and I guess I had the right attitude on this all along. Their absence now finally made me realize I was right; that necessities and luxuries are totally different.

          Recently, I just bought a Nintendo 3DS for myself. I was so happy at first, but after some time I realized how much money I wasted for it. I didn’t really needed it and now I have not been using it for months. The money wasted should have been gone to my savings for future investments. We have our own bad decisions (and I admit I’m still a bit of stupid when it comes to spending money) but this somehow helped me learn the value of money. 

         It is always a problem for everyone of us to control our luxuries. Wants tends to get in the way of our needs.  This is the same case for artist Erin Hanson who drew a series of illustrations showing the difference of her wants from her needs. Some of her illustrations are:

         After looking at her illustrations, I can somehow relate myself also to her. I also wanted these and this made me realize that I can actually survive without these luxuries.

Is there a solution?

    

    
          It is in human nature that we keep on desiring for something more than we need.  People tend to value luxuries above necessities. Especially in this rapid growing materialistic environment, I personally think it would be really impossible for us to stop from wanting something. I’m not saying it is wrong to want or desire for something, it just up to us how we handle ourselves, know our priorities, and limits. Buying impulsively and wasting our money excessively is a serious problem for everyone. It doesn’t mean you only have to buy what you need. Life is meant to be survived but also lived. We only live once and we should enjoy most of it. We can have our treats along the way, but only to the extent we can afford.

         Bottom line: Stay aware of your WANTS compared to your NEEDS and figure out which WANTS you can have without sacrificing your NEEDS and goals.