Final Answer:
Needs are basic human requirements, while wants are the ways in which those requirements are satisfied. so the correct option is 3) Needs; wants.
Step-by-step explanation:
In the realm of human desires, it is crucial to distinguish between "needs" and "wants." Needs refer to the fundamental necessities that are essential for human survival and well-being. These are the basics required for a decent standard of living, such as food, water, shelter, and clothing. On the other hand, "wants" are the desires that go beyond the essential requirements. They are the non-essential goods and services that individuals seek to enhance their quality of life but are not necessary for survival.
Needs: These are the absolute essentials, the things we must have to live. They encompass physiological requirements like air, water, food, sleep, and shelter. so the correct option is 3) Needs; wants.
Wants: In contrast, wants are the goods and services that people desire to have, but they are not imperative for survival. Examples include luxury items, entertainment, and leisure activities.
Understanding the distinction between needs and wants is crucial in various fields, such as economics, marketing, and psychology, as it influences consumer behavior, resource allocation, and overall societal well-being.