I don't remember many quips and quotes that my Dad would say to us, but I do remember that he would say "Our wants are greater than our needs." He was a World History teacher in his latter years, so I guess in some way his teachings came across this economic principle.
In these hard economic times we have to really distinguish between our wants and needs. Have we become so convinced that we really want that and in turn it has become a need?
What do you think? How have you seen this play out? What's on your list of "wants" that have been translated to "needs". Go ahead-be honest now.
HT: Economics 101
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