What term describes essential requirements for survival?

The term that describes essential requirements for survival is "needs." Needs refer to the basic requirements that individuals must satisfy in order to sustain life, such as food, water, shelter, and clothing. These are fundamental to human existence and are distinguished from "wants," which are desires for additional goods and services that enhance quality of life but are not essential for survival.

Understanding "needs" is crucial in business, as meeting these basic requirements can influence consumer behavior and market dynamics. Companies often focus on fulfilling these needs, especially in sectors like food, healthcare, and housing, where demand is driven by the necessity to survive.

The other terms do not convey this primary concept of essential survival requirements. For instance, "wants" reflect desires for non-essential items, "scarcity" deals with the limitation of resources in relation to wants and needs, and "opportunity cost" refers to the value of the next best alternative foregone when making a choice.