Final answer:
A customer want is a desire or aspiration that consumers have for certain goods or services that drive the demand in a market. It also encompasses the consumer's ability to pay, which when absent, they want does not translate into effective demand.
Step-by-step explanation:
A customer want refers to the desires or aspirations that consumers have for goods and services they wish to obtain. From the perspective of an economist, a want is the same as a need; both are considered essential in driving the demand within a market. This demand is not solely based on the psychological desire for an item but also includes the consumer's ability to pay for it.
Without the financial means, a desire does not translate into effective demand, which is crucial for market transactions. For instance, if individuals do not have the purchasing power to buy a product, they may desire it but cannot contribute to the actual demand. Therefore, understanding customer wants is critical for businesses to align their supply with what consumers are willing and able to purchase at various prices.