Examples of products or services that could be either a need or a want include electricity, cell phone, salt, shirt, and fan.
- A need simply means a good or service that's vital to our existence. An example of a need is food. On the other hand, a want refers to the good which we desire e.g. a car.
- It should be noted that there are some goods which can either be a need or want. They are electricity, cell phone, salt, shirt, and fan.
- For example, a fan is a need and can be a "want". It's necessary for ventilation and therefore is important and therefore a need. On the other hand, if there are other sources of ventilation, then it is a want. The same thing goes for other products that are given above.
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