Native English speakers or master users of English: the difference between want and lack in this context.?
'Wants' in that sense is almost archaic. And 'lacks' is a somewhat formal word for this sentence. We would be more likely to say: a) This DVD player has no skip button. b) This DVD player needs a skip button.
They are both correct, but 'wants' is extremely old-fashioned now, and 'lacks' is rather formal. Most poeple would say 'There's no skip button'.
The first one is correct. Wants means it wishes it had one so is incorrect. Two people have made reference to archaic language, but that would be slightly different too. In the time of Dickens, they might have said, 'This DVD player is wanting for a skip button' but back then there were no DVDs so it would not have made any difference.