Man needs and wants are for goods and services.

Goods are MATERIAL things that man needs or wants.

For example : Bicycles, books, shoes, television, house, an expensive car, etc.

Services are NON-MATERIAL things that man needs or wants.

For example: Education, entertainment, medical care, recreation, a hair cut, etc.

Goods and services which man may need for himself are called INDIVIDUAL WANT.

For example: A bowl of rice, a book, a bicycle, a pen, a haircut, a car, etc.

Goods and services which man may need or want for himself and others in his community are called COLLECTIVE WANTS.

For example: School, hospital, police station, shopping mall, airport, road, mosque, etc.