Human Wants: How Resources Satisfy Wants, Economic and Non-Economic Wants (For CBSE, ICSE, IAS, NET, NRA 2022)

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How Resources Satisfy Wants

To produce these goods and services, resources are used. With ever growing wants, we have been making greater use of resources. Resource may be natural or man-made. All resources can be classified into land, labour, capital and entrepreneurship.

Production of Wheat

Example: to production of wheat, we use land, labour, tractor pump set etc.

Economic and Non-Economic Wants

  • Economic Wants: The wants that can be satisfied by such goods and services are called economic wants.
  • Non-Economic Wants: A few things that we want, are not purchased from the market by paying a price. Such wants are called non-economic wants.
  • Example: we want air to breathe, rainwater for agriculture etc. When we want a maid to cook.

Wants Expand and Change with Development

  • In ancient times, man was satisfied with simple items of food, clothing and shelter etc. But with the development these wants grew in nature and number.
  • For Example, you all know that for communication we not only want a simple telephone but also a mobile phones having many facilities like camera, internet, video recording etc. Thus, man՚s ever growing and changing wants lead to many inventions and discoveries which result in new and better quality of goods and services.

Indian Philosophy of Limiting Wants

  • As we all know our wants are unlimited but our resources to satisfy these wants are limited. Hence if we keep our wants as unlimited and growing, we will not be able to satisfy all of them with our limited resources. This will give rise to a lot of dissatisfaction. Other hand, if we limit our wants, we will be able to satisfy most of them with our limited resources.
  • The Indian philosophy has always been to limit our wants so that we feel satisfied in life. the father of our nation, Gandhiji always advocated controlling of one՚s wants so that we can have a satisfied life and we do not have to indulge into wrong deeds or practices to satisfy unlimited wants out of our limited resources. There have been many great thinkers who have advocated the same.

Frequently Asked Questions (FAQs)

  • Human wants and satisfaction are insatiable but trade bridge that gap. Discuss.

    ( - ke...@ on )

    1 Answer

    Satisfaction is fulfilment of one՚s wishes, expectations, or needs. Wants are unlimited but the resources to satisfy them are scarce. Insatiable means that cannot be satisfied. An example of insatiable is a desire for more and more money. You can also go through the video lecture shared below to understand more about Unlimited Wants.

    Understanding Basics of Economics

    - ke...@ on

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