Economics: Human Wants: Satisfaction, Characteristics and Types of Wants

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Wants

  • Want is a desire to have something. Ex. I want a car. A desire becomes a want when the individual is able to fulfill it. When he is not able to pay for it, it becomes a wish. It can be better understood with the following formula:

  • Desire + Ability to pay = Want for a good or a service

How Do Wants to Arise and Grow

With the changing time the needs of humans also keeps on changing with the discovery and inventions of different things. In ancient times the needs or wants of humans were limited due to limited resources but with discovery of new things humans became habitual to it and demands grows which leads to innovations and experiments to fulfill the increasing demand.

Ex.

Arise and Grow

Arise and Grow

Satisfaction of Wants

All wants of humans cannot be fulfill as wants are unlimited and increases with every single want is satisfied as another takes its place. Resources are limited and it is not possible to fulfill all wants of humans.

Characteristics of Wants

Characteristics of Wants

Characteristics of Wants

  • Wants are unlimited- Wants never to come to end

  • A want is satiable- Each want taken separately can be satisfied

  • Some want to arise again and again- Basic needs like food

  • Varying nature of wants- Differs with time, place and person

  • Present want are more important than future wants

  • Wants change and expand with development

How Resources Satisfy Wants

If resources i.e., land, labour, capital and entrepreneurship used in a proper manner can help to satisfy wants. The resources that we use to satisfy wants are limited. It can be manmade or natural. Ex. Clothes we wear are made of cotton and cotton is a natural resource.

Types of Wants

Types of Wants

Types of Wants

The Indian Philosophy of Limiting Wants

Always been to limit our wants so that we feel satisfied in life. This helps to lead a happy life. According to father of the Nation, Gandhiji- one should control one’s wants to avoid upcoming situation of dissatisfaction.

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