Homonym: Wants (Desires)
"Wants" refer to desires or wishes for specific items or experiences that are not essential for survival. They are influenced by personal preferences, culture, and social factors. For example, a person may want a new smartphone or a vacation, which can enhance their quality of life but are not necessary for basic functioning.
In economics, wants are contrasted with needs, which are essential for survival, such as food, water, and shelter. Understanding wants helps businesses and marketers identify consumer behavior and preferences, allowing them to tailor products and services to meet these desires, ultimately driving demand in the market.