I think it isn't as precise a term as it should be. Normally I see it said with the meaning of, like you said, "feeling entitled to the wrong things" as opposed to feeling entitled to anything.
For instance, if you see the super-rich on TV shows throwing a fit because they can't get a designer bag in a specific color by a certain date--when they already have 20 other good bags. That's feeling entitled to get anything they want whenever they want it, no matter how much you already have, which is just stupid. This is what I'd call "entitled."
To compare, I wouldn't call a middle class family "entitled" for making a plan to save up for a vacation they want. Just wanting more things isn't wrong--but it could become wrong if the family has an over-the-top reaction if they aren't able to go on that vacation after all.
And also, I wouldn't call a poor person "entitled" for feeling entitled to having three meals a day, every day, even if they became very upset over not having this. Some things are just basic human rights.