How come in economics, we focus more on wants not needs?
Answer:
We do focus on needs being filled and scarcity especially when it comes to those who have to make decisions on needs based on scarcity.
For example we are very concerned with people deciding whether to eat or to buy medicine. People who have to decide whether to eat or pay rent is always a massive concern. There is definitely economic value to these decisions but often they get placed on social services and a socialistic solution rather than a capitalistic one which many economists focus on. Economics is the study of incentives and how those incentives influence behavior. I often consider needs that also evolve into wants. Unfortunately in the narcissistic economy of the U.S. that's what you get.
Because needs are assumed to be wants, and our buying / spending habits tend to be focused on wants.
Really, a need is just a really basic form of a want.
Because we Americans have become a selfish nation. Caring more about ourselves rather than the condition of the world.
The "Supply & DEMAND" will find equalibrium to satisfy what can be given to those wants.
NEEDS are part of the demand. This is why we rarely see a S&D curve with a demand of zero (rare cases are the harmful stuff like poisen). Usually the "Demand" point starts off where the need starts. Past this is the wants.
Consider the supply and demand for bread. If I need bread for proper nutrition, but I don't have time for lunch and thus do not want bread, I am not contributing to the demand for bread and so am not an economic actor. If I stop for lunch then need=want and the question becomes moot.
Another argument: wants are measurable; needs are not. The amount of bread I want is the amount that I'm willing to bid for in the market. Who is to put a number on how much bread I "need".
i dont remember that, i remember the supply and demand curve was the main deal.
In standard economics no distinction is made. (Have you any idea how to make the distinction scientifically?)
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