Wants
Wants are desired goods, services or experiences through which people seek satisfaction. They are influenced by preferences and circumstances and can exceed the resources available to satisfy them. A want becomes effective market demand only when accompanied by willingness and ability to purchase at the relevant price.
Worked example
A person wants a high-specification laptop but has a limited budget. The preference affects choice, while available income constrains what becomes demand.
Common mistake
Assuming every stated want translates into a purchase or treating preferences as identical for every customer.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | BT | Supporting | September 2026–June 2027 |
| FIA | FBT | Supporting | September 2026–June 2027 |