When Frank buys his own house, he would like to have a home theatre system and a spa bath. He plans to save enough money in the next three years so that he can purchase his dream home with these features. Frank's desire for the home theatre and spa bath is an example of a(n):
A) wish list.
B) need.
C) exchange.
D) demand.
E) want.

Question

Quizplus · Accepted Answer

Frank's desire for a home theatre system and a spa bath is an example of a want, which refers to something that is not necessary for survival but is desirable or preferred. A need, on the other hand, refers to something that is essential for survival, such as food, water, and shelter. A wish list is a list of desired items or experiences, which can include both wants and needs. An exchange refers to the act of giving or receiving something in return for something else, while demand refers to the willingness and ability of consumers to purchase a particular product or service at a specific price.

When Frank Buys His Own House, He Would Like to Have