What is defined as something an individual must have to survive?

The term that is defined as something an individual must have to survive is "need." Needs are basic requirements essential for human survival, such as food, water, shelter, and clothing. Without fulfilling these needs, an individual cannot maintain their health and well-being.

On the other hand, wants, desires, and preferences pertain to things that individuals wish for or would like to have, but are not essential for survival. Wants are often based on personal tastes or goals and can vary widely among individuals. Desires refer to a strong feeling of wanting something that may not necessarily be required for survival. Preferences indicate a choice or inclination towards certain things over others but do not constitute fundamental requirements for living. Understanding the distinction between needs and these other terms is crucial for effective financial planning and prioritization in personal finance.