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Economic Needs

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26 Types of Economic Needs

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Economic needs are the goods, services and resources that individuals, households and communities require to sustain and advance their quality of life. Another way to say this is that economic needs are human needs that are satisfied by economic production. The following are common examples of economic needs.
Food
Water
Shelter
Clothing
Healthcare
Education
Employment
Transportation
Media
Energy
Financial Services
Insurance
Social Infrastructure
Housing
Sanitation
Personal Hygiene
Personal Care
Communication
Digital Access
Safety
Security
Technology
Information
Recreation
Leisure
Entertainment

Discussion

Over time, more and more human needs are viewed as economic needs. This is a process known as commodification whereby elements of the human experience are increasingly turned into goods and services to be sold on markets. For example, communication was historically a process of talking to your neighbor or sending a messenger. In modern life, this often depends on goods and services such as smartphones, internet infrastructure, voice communications, emails, direct messages and social media.

Overview

Economic needs are human needs that are met by economic production meaning that they are created by societies. This includes both public goods such as a public school and market goods that are created by private enterprise.

Summary

Economic needs are goods and services that are viewed as necessary to human quality of life and thriving.
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