Wants

Wants refer to the desires or needs of individuals, groups, or societies for goods, services, or experiences. They are distinct from needs, which are essential for survival, while wants are often shaped by culture, society, and individual personality.

Definition

In the context of economics, wants are defined as the desires of consumers for goods or services that they can use to satisfy their needs or to provide pleasure or satisfaction. Wants are subjective and vary from person to person. They are not essential for survival like needs, but they enhance the quality of life and are a significant driver of consumer behavior.

Classification of Wants

Wants can be classified into different categories based on various factors:

• Necessities: These are wants that are essential for survival, such as food, clothing, and shelter.
• Comforts: These are wants that enhance the quality of life but are not essential for survival, such as a comfortable home, a car, or a vacation.
• Luxuries: These are wants that provide pleasure or satisfaction but are not necessary for survival or comfort, such as expensive jewelry, a yacht, or a private jet.

Factors Influencing Wants

Several factors influence the wants of individuals and societies:

• Cultural Factors: The culture in which a person lives significantly influences their wants. For example, in a culture where owning a car is a status symbol, people may want to own a car.
• Social Factors: Social factors such as peer pressure, social media influence, and societal norms can also shape wants.
• Economic Factors: The economic condition of a person or a society can influence wants. For example, a person with a high income may want to own luxury goods, while a person with a low income may want basic necessities.
• Personal Factors: Personal factors such as age, gender, education, and personality can also influence wants.

Wants in Economics

In economics, wants play a crucial role in driving the demand for goods and services. The concept of wants is central to the law of demand, which states that as the price of a good or service increases, the quantity demanded decreases, and vice versa. This law is based on the assumption that consumers will want to buy more of a good or service when its price decreases.

See Also

• Needs
• Demand
• Consumer Behavior
• Law of Demand