Which term describes something that is desired but not essential, often purchased as a discretionary item?

Which term describes something that is desired but not essential, often purchased as a discretionary item?

• A. Need
• B. Want
• C. Good
• D. Economy

Answer: (B)

The idea being tested is the distinction between needs and wants, and how discretionary purchases fit into consumer choices. A need is something essential for survival—food, shelter, clothing. A want is something you desire but do not require to live; it’s not essential. Discretionary items are purchases you make after you’ve covered your needs, things you could skip if money is tight. So the term that describes something desired but not essential, often bought as a discretionary item, is a want. The other terms don’t fit: a need refers to essentials; a good is any marketable item but doesn’t specify motivational, essential, or discretionary status; and economy describes the system of production and exchange rather than a descriptor of desirability.

The idea being tested is the distinction between needs and wants, and how discretionary purchases fit into consumer choices. A need is something essential for survival—food, shelter, clothing. A want is something you desire but do not require to live; it’s not essential. Discretionary items are purchases you make after you’ve covered your needs, things you could skip if money is tight. So the term that describes something desired but not essential, often bought as a discretionary item, is a want. The other terms don’t fit: a need refers to essentials; a good is any marketable item but doesn’t specify motivational, essential, or discretionary status; and economy describes the system of production and exchange rather than a descriptor of desirability.