Define and explain needs, wants and demands. Describe how they are different from each other. Give real life examples?

Needs are Customers and Profit. Wants are good team with great customer service skills. Demands are time is too short and the competition keeps getting more intense.

Keeping it short and clear.

Need: Water to survive.

Want: Fresh water with Ph level 8.

Demand: Fresh water with ph level 8 as my right of being citizen of this country.

Hope this helps!

In words,

Telephone is need just to be in touch with your closed one.

Wants is also need but shaped by culture or environment, gathering I want android mobile, touchscreen. Just to satisfy need with bit advancement

Demands, when your wants backed by buying power. Now you are going towards IPHONE. Symbol of pride or showoff.