Needs and Wants

A need is a vital good or object or thing that is crucial in order to survive, this includes clothes, warmth, food shelter and water. A want is a desire to possess or do that is not essential for surviving. This helps me understand more about the state of inquiry (SOI) which is understand that entrepreneurs must innovate in order to remain competitive over time. This relates to the SOI because entrepreneurs or businesses need to respond to the community/societies needs and wants so that they can consume what they want and the business or entrepreneur can make a profit and do business. This is relevant to the global context because as time changes, the world and its society changes with its different points and views and different economical status and different products. For example before about 20 years ago, a want would be so much different then the present day. One example would be 20 years ago kids would have wanted a toy but now, kids want a smartphone or a tablet. This relates because as time changes, the needs and wants change too. This enriches my understanding of the SOI because businesses need to change things and that includes needs and wants to sell to the public and to innovate the public and to revolutionise the technology and products so you can attract customers and make them interested in buying your product. An example of this is fashion, before in the 1990s, baggy jeans are the trend but now skinny jeans are the new trend which shows that even a need such as clothing would change over time.

Here’s a diagram of the connections made:

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