8 Which one of the following statements is correct a) wants, needs and dernand are escentially simply different terms that havethe came mearing b) Wants and needs are essentially the same but differ from demand c) Needs and demand amount to the same thing d) Dem and differs from wants and needs

Wants, needs, and demand are often confused, but they play distinctive roles in economics. A need refers to something essential for survival, like food and shelter, while a want is a desire for items that enhance life but aren’t critical, like luxury goods. Demand, however, steps up the game by combining both a want and the ability and willingness to purchase it. To navigate these concepts, it's crucial to remember their nuanced differences. A common mistake is to use the terms interchangeably; for example, thinking a fancy car is a need rather than a want can lead to financial missteps. Understanding these distinctions helps businesses tailor their products and marketers address consumer desires more effectively!