. Paying rent is a need while buying a new video game is a want.
. realizing opportunity cost
Explanation:
A need can be defined as something that an individual requires in order to lead a healthy lifestyle. When a need occurs, a deficit produces a direct negative result: a disease or death.
Whereas on the other hand, wants are aspirations which can be fulfilled by enjoying a successful operation, facility, or recreation.
In simple words, opportunity cost refers to the loss of profits that an individual faces due to choosing best alternative over second best alternative
