Classification of wants

1. Characteristics of Wants
Professor Puttu Guru PrasadProfessor Puttu Guru Prasad
M.Com, M.B.A, L L.B, M.Phil, P.G.D.F.T.M,
AP.SET, (PhD) from JNTUK.
ICFAI Trained Management Faculty
Certified NSS Program Officer
Gold Medalist from ANU in Law
Top Ranker in PhD Admissions & AP.SET.

2. Characteristics of Wants
1. Wants are unlimited
2. Every want is Satiable
3. Wants are competitive
4. Wants are complementary
5. Wants are alternative
6. Wants vary with time, place, and person

3. Characteristics of Wants
7. Some wants recur again
8. Wants are influenced by advertisements
9. Wants become habits and customs.

4. Classification of Wants
1. Necessaries
2. Comforts
3. Luxuries

5. Significance of Classification of
Wants
• The classification of goods and services
into necessaries, comforts and luxuries
are only relative in their concepts. They
are not absolute concepts. What is
comfort to one may be necessary to
another and a luxury to a third man.
• These classifications depends on the
income of a person, his social status, his
tastes and preferences.

7. Wants are
things people
would like to
have, such as…
and toys.a CD player,
a bicycle,

8. Other wants may be…
a television,
a car,
or a video game.

9. Needs are
things people
must have to
live, such as… food,
shelter,
clothing,
and medical
care.

10. Do you know the difference
between wants and needs?
Choose the one that is a need.
a television food

11. Is this a want
or a need?
want

12. Is this a
want or
a need?
want

13. Is this a want
or a need?
need

14. Is this a want or
a need?
Medical care is
a need.

15. toys
CD player
bicycle
television set
car
Needs Wants
food
shelter
clothes
medical care