Wants is the term used in the context of economics, it is closely associated with the psychology of the human beings because we as human beings are interesting creatures because once we get something we want extra over that something and that extra is called wants. While needs are few wants can be infinite and one cannot satisfy all his or her wants, in order to know more about the wants let’s look at some of the examples of wants –
Example of Wants
- While food is the basic need and without food, one cannot survive but eating that food in silver or gold plates daily is an example of want which only a few rich people can fulfill.
- While the shelter is the basic need but residing in 5 bedroom apartment in the posh locality or constructing a 2000 yards farmhouse for himself or herself is a want.
- One can get peace of mind only if her she having a good house, a good job and good family but if an individual wants a big house, unlimited money and fame then he or she will not get peace of mind even after getting these things as his or her mind will want more.
- Going on a vacation can be a need if want to get away from hectic day to day life for few days but going on a vacation in business class flights and staying in five-star hotels or resorts is an example of want.
- Opening a basic saving bank account is a need but opening a premium bank account where you are given a host of services like credit card having a higher credit limit, personalized relationship manager, cash and check pickup services and so on is an example of want.
- An individual going to work one can commute from home to work in public transport also but some people commute on 2 wheeler while some people commute on 4 wheeler and some commute on expensive cars like BMW, Mercedes and this difference in commuting from home to work is an example of want.
- While mobile is a need in today’s technological world but buying mobiles of big and expensive brands like Apple iPhone and Samsung Galaxy are examples of want.
- While wearing clothes and footwear is the basic need as without them we cannot think of going anywhere but buying branded clothes and footwear’s is an example of want.
As one can see from the above that wants are unlimited and it is not constant for all as different people will have a different set of wants in different scenarios and that is the reason why it is very difficult if not impossible to identify exact set of wants of any individual.