Which of the following best defines 'wants'?

The definition of 'wants' in the context of economics and consumer behavior refers to desires that extend beyond basic survival needs. These needs encompass luxury items, experiences, or services that enhance life but are not necessary for basic functioning or survival. Wants often include things such as high-end clothing, electronics, gourmet food, or leisure activities, which individuals aspire to have to improve their quality of life or express personal identity.

While essential items for survival fall into the category of 'needs,' luxury items and experiences characterize 'wants.' These wants arise from personal preferences, societal influences, and marketing, and can significantly influence consumer behavior, spending habits, and demand in the market.

Tangible items, purchases, or intangible services may contribute to fulfilling wants but do not encapsulate the full definition of 'wants' as they can also include needs and other categories. Hence, luxury items not essential for survival encompass the broader understanding of what constitutes a want in economic terms.