When Frank buys his own house, he would like to have a home theater system and a Jacuzzi. He plans to save enough money in the next three years so that he can fulfill his wish. Frank's desire for the home theater and the Jacuzzi is an example of a(n) ________.
A) need
B) want
C) demand
D) market
E) prospect

Question

Quizplus · Accepted Answer

A need refers to a necessity for survival or basic well-being, such as food, shelter, and clothing. A want, on the other hand, is a desire for something that is not necessary for survival but is deemed desirable. In this case, Frank's desire for a home theater and a Jacuzzi are wants. Demand refers to the amount of a product or service that consumers are willing and able to buy at a certain price, which is not relevant to this scenario. Market refers to a group of buyers and sellers exchanging goods and services, which is also not relevant to this scenario. And prospect refers to a potential customer, which is not relevant to this scenario.

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