Livestock Economics, Marketing and Business Management

WANTS

• In general, wants may be defined as desires of consumers to obtain and use various goods and services, which give pleasure and satisfaction.
• However, more wish or desire to have goods and services in the economic sense is not a want.
• Therefore, wants can be defined as those effective desires for goods and services which are associated with the following three essentials.
  • Desire to acquire goods or service.
  • Ability to pay for the desired goods and
  • Willingness to pay for those goods.
• The wants originate from one of the following sources
  • Desire of the minimum of goods required for existence. Eg. Food, Clothes etc.
  • Desire to maintain the standard of living, giving rise to conventional necessaries. E.g. Well equipped house, membership of a club etc.
  • Desire of distinction and excellence. Eg. Latest model of a car, dress of latest design etc.