Which term describes things that are not essential for daily living?

The term that describes things that are not essential for daily living is "wants." Wants refer to desires or items that enhance quality of life but are not required for survival or basic functioning. For example, luxury items, entertainment, and non-essential services fall into this category.

Understanding this term is crucial in differentiating between what is necessary for basic living, which includes food, shelter, and safety, versus what individuals desire for pleasure or comfort. Recognizing this distinction can aid in budgeting and financial decision-making, as it allows individuals to prioritize their spending based on essential needs versus discretionary wants.