Types of Wants

• Private wants are those we use individually and provide for ourselves

  Example:

  • Food
  • Furniture
  • Phone
• A substitute is a product which can be used instead of another product

  Example

  • Butter = Margarine
  • Electricity = Solar Panel
• Complementary wants are goods that needs another good before they work

  Example

  • Car = Petrol
  • Pool = Water
  • Phone = Charger
• Collective wants that all consumers require and are used by the community as a whole. They are usually provided by the government and are paid for uses of taxes