Meaning of Want:

In economics, a “want” refers to the desire or wish for goods and services that can satisfy human needs. Wants are essentially the specific ways in which individuals express their broader needs. Unlike needs, which are necessities for survival, wants are often influenced by cultural, social, and personal factors, and they can vary widely among individuals and societies. The features and types of want are.

Features of Wants:

1. Wants are Subjectivity: Wants are subjective and differ from person to person. What one individual desires may not be the same for another. Personal preferences, tastes, and cultural influences play a significant role in shaping wants.
2. Wants are Unlimited: Wants are considered unlimited in nature. As individuals satisfy one want, new wants emerge. This concept is related to the economic problem of scarcity, where resources are limited, but human wants are seemingly insatiable.
3. Wants are Dynamic: Wants can change over time due to various factors such as age, income levels, changes in lifestyle, and cultural influences. For example, the wants of a teenager may differ significantly from those of a retiree.
4. Hierarchy: Wants can be organized into a hierarchy, often associated with Maslow’s hierarchy of needs. Basic needs, such as food and shelter, are considered more fundamental than wants related to self-expression or luxury.
5. Influence of Advertising and Marketing: Advertising and marketing efforts play a crucial role in influencing wants. They create awareness of products and services, shape perceptions, and sometimes generate new wants that individuals may not have considered before.
6. Wants are competitive: wants compel with one another in order to get priority in our choice because wants are unlimited, resources to satisfy are not only limited but also capable of alternative application. Only some want can be satisfied and other have to left unsatisfied.
7. Wants are recurring: some wants occur again and again. Ex: want for food arises again and again. Some wants occur only once in the life time. Ex: marriage.
8. Wants may change into habits: if a particular want is satisfied regularly it becomes a habit after some time. Ex: if a man smokes regularly for sometimes making becomes a habit.

Types of Wants:

1. Necessities: Basic needs essential for survival, such as food, water, clothing, and shelter. These wants are considered fundamental for maintaining a decent standard of living.
2. Comforts: Wants that go beyond basic necessities and contribute to a more comfortable and convenient lifestyle. This category may include items like air conditioning, a car, or a smartphone.
3. Luxuries: Wants that are not essential for survival or comfort but are associated with a high standard of living and indulgence. Examples include designer goods, luxury cars, and extravagant vacations. These are those things which satisfy the superfluous want of a person. They give some pleasure. Ex: bungalows, AC in summer, alcoholic, expensive cars. Further luxuries may be subdivided into Harmful luxuries, Harmless luxuries, Defense luxuries.
4. Hobbies: Wants related to specific interests or hobbies, such as collecting rare coins, stamps, or engaging in activities like travel, sports, or art.
5. Experiential Wants: Desires for experiences rather than physical goods. This could include travel, attending events, or participating in activities that provide enjoyment and fulfillment.
6. Social and Status Wants: Desires that are influenced by social norms and the desire for status or recognition. This may involve owning certain brands, living in prestigious neighborhoods, or having a particular lifestyle.

also read: write a note on production function.