GlossariesGCSE GlossariesGCSE Business GlossaryWants

Wants - GCSE Business Definition

Reviewed by: Steve Vorster

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Wants are the desires that individuals or businesses have for products that are not essential for basic survival but enhance the quality of life. Unlike 'needs', which are necessities such as food, shelter, and clothing, wants might include items like the latest smartphone, designer clothes, or a luxury holiday.

Understanding the difference between wants and needs is crucial for businesses as they aim to market their products effectively, tapping into consumer desires to drive sales and profits. This concept helps GCSE Business students understand consumer behaviour, market demand, and the impact of advertising and branding.

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Steve Vorster

Reviewer: Steve Vorster

Expertise: Economics & Business Subject Lead

Steve has taught A Level, GCSE, IGCSE Business and Economics - as well as IBDP Economics and Business Management. He is an IBDP Examiner and IGCSE textbook author. His students regularly achieve 90-100% in their final exams. Steve has been the Assistant Head of Sixth Form for a school in Devon, and Head of Economics at the world's largest International school in Singapore. He loves to create resources which speed up student learning and are easily accessible by all.

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