Classification of Wants:
In Economics, wants are categorized into three categories, namely, Necessaries, Comforts & Luxuries.1) Necessaries:
Necessaries are those that are necessary for living. Man needs certain fundamental things to live. He wants food, clothing & shelter. Without such things, life is not possible.2) Comforts:
Comforts refer to those services and goods that are not necessary for living however which are needed for a happy living. A TV, a cushioned revolving chair, a sofa-cum bed might be stated under ‘comforts’. Eating superior varieties of food might also add to the cheerfulness of the consumer. Illustration: eating fruits, drinking milk and so on. Comforts promote effectiveness too.(3) Luxuries:
Those goods which are employed to show off one’s higher status in life (example, diamond studded jewels) are luxuries.
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