as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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compare and contrast the concepts of need and want.
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needs and wants are both desired outcomes. though they are often used interchangeably, there are distinct differences. needs are essential for survival and well-being - think of food, shelter, clothing. wants, on the other hand, are desires that are not essential for survival, although they may make life more enjoyable - think of a luxurious car, expensive jewelry, and other items of status or pleasure. it is important to understand the difference between needs and wants; this can help us prioritize our spending and make sure we can provide the essentials for ourselves and our families.
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