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Economics
In a world plagued by poverty, economics play an important role
in shaping the future of every person. Derived from the word
"Oikonomiko" (Greek), it means "management of the home." Modern
economics tackle the same kind of management in a broader scale
– the country.
Economics deal with the efficient utilization of scarce
resources to produce goods and services. As time passes, resources
such as food, timber and land start to dwindle. Unfortunately,
demand for these goods run in an inverse proportion, and it has
been a problem to address such need from very meager means.
Human Needs
Everything stems from satisfying man’s insatiable hunger
for goods. These desires and needs are categorized in four
different forms: Basic, Essential, Created and Public. These needs
make up the expenditure and flow of money and comfort in a
society.
The foundation of human needs starts from basic needs, namely:
food, clothing and shelter. They are the important factors man must
have in order to survive. It is something primary from birth to
death and a necessity to a normal life. Essential  needs, on the other
hand go beyond the basics by covering factors such as comfort and
decency. They compliment basic needs. However, in application, the
process to the user is slower and the value is pegged higher.
In addition, public needs provide for the common good of the
people. They are the services that everyone benefits from
regardless of social status or wealth. Such services are public
transportation, health and education.
Aside from the basic, essential and public needs, there is also
a created need – a human need found elevated in the hierarchy
of needs. A result of luxury or prestige, created needs are those
that humans develop out of their desires. However, they are not
considered important in living a decent life. A good illustration
of created need can be found in things such as branded clothing and
miscellaneous items. Even though society needs clothing and the use
of other paraphernalia, the brands don’t have a direct
influence on the delivery of goods. All they do is provide status.
Alternatively, not all created needs are categorized under this
subclass of luxury items. There are also some created needs that
fall under the essential class. Pencils, for example, are created
needs because they are needed for man in order to write. But it is
not something we can just do away with that easily. It becomes
essential in the sense that we also need to write and we can write
using a pencil.
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