Economic wants and economic needs are two distinct concepts in economics.
Economic needs are the basic requirements for survival and well-being, such as food, clothing, shelter, and healthcare. These needs are considered essential and are independent of the level of income or standard of living.
Economic wants, on the other hand, are desires for goods and services that are not essential for survival but improve quality of life. They are shaped by cultural, social, and personal factors and are unlimited in number. Economic wants are also influenced by income levels and can change over time.
In short, the major difference between economic wants and economic needs is that economic needs are necessities while economic wants are desires that are influenced by non-essential factors.