a. Luxury goods: Expensive cars, designer clothing, high-end electronics, and other luxury items are often considered wants rather than needs.
b. Entertainment: Activities such as going to the movies, concerts, or amusement parks are wants that provide enjoyment and leisure.
c. Travel: While travel can be fulfilling and enriching, it is generally considered a want unless it is necessary for work or other essential reasons.
d. Hobbies and leisure activities: Pursuits like playing sports, collecting items, or engaging in artistic endeavours are wants that bring personal satisfaction and enjoyment.
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Needs are essential for survival and well-being, whereas wants are discretionary desires that go beyond basic requirements. Understanding the distinction between needs and wants helps individuals prioritize their resources, make informed decisions, and ensure that essential needs are met before pursuing optional wants.
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