Categories Of Wants Flashcards
Individual wants
Individual wants can be satisfied by one person and generally will improve their standard of living only. example the new phone or new shoes.
Collective wants
Collective wants cannot be satisfied by one person and are desired by a community. This can include sports team neighbourhood or the whole country. They are usually satisfied by the government. E.G.parks, ovals, roads ETC.
Complimentary wants
Complimentary wants are wants that go together for example toothpaste and toothbrush, a car and petrol, bacon and eggs.
Substitute wants
Substitute want is a product that maybe purchased in place of another product to satisfy the same want.
example Coke and Pepsi name brand and home brand
Re-occurring wants
Re-occurring wants are wants that are only satisfied for a short period of time and then we will want them again (within one year)
E.g. toothpaste, petrol, toilet paper.
Non-recurring wants
Non-recurring wants are wants that are satisfied for a longer period of time (more than one year).
E.g. Car, Phone, Laptop.
Explain the difference between a collective want and an individual want?
A collective want is a want that the community want and an individual one is the one that will only have a benefit to oneself
