The statement is False. The economic category of "needs" is much broader than the economic category of"wants."
In economics, a need is an item people must have in order to survive, whereas a want is an item people want but may or may not be able to acquire. In today's economy, the terms want and needs are often yet inaccurately used.
The amount of money in circulation in an economy is measured using the concept of "broad money." As the most comprehensive way to estimate a nation's money supply, it takes into account both narrow money and other assets that are readily convertible into cash for the purchase of goods and services.
The quickest way to a country of codependence is to "need" someone. On the other side, growing to love someone begins with wanting them. The other person makes you smile, makes you happier, and makes time pass more quickly, so you want to be near them.
Thus, The concept of needs and wants is crucial in economics. The term "needs" refers to things or services that are necessary. Wants are items or services that we yearn for but are not absolutely necessary.
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