wants

Wants are desires for goods, services, or experiences that people would like to have beyond what is necessary for basic survival. They are contrasted with needs, which are essential for functioning and health, such as food, shelter, and safety. In everyday language, wants cover a wide range of items, from everyday conveniences to luxury items, hobbies, and aspirational lifestyles. Because human wants are culturally influenced and often unlimited, they can vary across individuals and over time.

In economics, wants generate demand when combined with the ability to purchase. A consumer's demand for a good depends on its price, income, expectations, prices of related goods, and preferences. Because resources are scarce, individuals and societies must allocate resources to satisfy some wants rather than others. The concept of marginal utility explains how the additional satisfaction from a unit of a good typically diminishes, guiding choices. Markets price goods to allocate scarce resources efficiently, though market outcomes may not align with all wants due to externalities and public goods.

Wants are shaped by culture, advertising, social status, and personal goals. They can be influenced by social comparisons and media, leading to consumer trends and fashion cycles. Philosophically, wants are examined in relation to values and happiness, with debates about consumerism and well-being. Individuals manage wants through budgeting, prioritization, and self-control, while societies address collective wants through public policy and infrastructure.