The Favorite List is a separate grouping of products that you purchase often; you can organize however you want. You can select only the items you want to purchase, so there is a lot of flexibility in how to set Favorite Lists up. The Wish List contains products that you select from our product catalog to make a personal list of the items that you purchase most often. Both Favorite List and Wish List save you considerable time, as you will not need to search for frequently purchased items every time you access our product catalog. Instead, you can simply access your lists and add the items to your cart directly!
The wish list is the list of things you want to have. You can create it on the basis of the things of your desire and circulate it to all your friends and family. You can create a wish list on the different occasions like birthday, wedding, baby shower, bridal shower. This helps your guest to take a gift of your choice. . A favorite lists is generally the list of items you purchase or visit regularly whereas a shopping cart is a type of software that works as an e-commerce site or online store. It can be a company website from which you can buy the things online.
Source: Ourwishingwell.com