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Wants

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 26 Apr 2023

Table of Contents

What is a Want?

A want is a desire or need for something. It is a basic human need that is essential for survival and well-being. Wants are different from needs in that they are not essential for survival and are not necessarily required for a person to live a healthy and happy life. Wants are often driven by personal preference and can be influenced by external factors such as advertising, peer pressure, and social norms.

History of Wants

The concept of wants has been around since ancient times. Aristotle, for example, wrote about the concept of wants in his book, The Nicomachean Ethics. He argued that humans have both natural and unnatural wants, and that it is important to distinguish between the two. Natural wants are those that are necessary for survival, such as food and shelter, while unnatural wants are those that are not essential for survival, such as luxury items.

The concept of wants has been further developed in modern economics. Economists use the term โ€œutilityโ€ to refer to the satisfaction that a person derives from consuming a good or service. Utility is a measure of the value that a person places on a good or service, and it is used to explain why people make certain choices.

Table of Comparisons

Needs Wants
Essential for survival Not essential for survival
Driven by necessity Driven by personal preference
Influenced by internal factors Influenced by external factors

Summary

A want is a desire or need for something that is not essential for survival. Wants are driven by personal preference and can be influenced by external factors such as advertising, peer pressure, and social norms. The concept of wants has been around since ancient times and has been further developed in modern economics. For more information about wants, you can visit websites such as Investopedia, The Balance, and Investing Answers.

See Also

  • Needs
  • Utility
  • Demand
  • Supply
  • Scarcity
  • Opportunity Cost
  • Marginal Utility
  • Consumer Surplus
  • Producer Surplus
  • Economic Efficiency

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