Q.Analyse the characteristics of Wants.

Wants are the basis of economic activity. Their chief characteristics are: wants are unlimited; a single want is satiable; wants recur; they are competitive and also complementary; they are alternative; they vary with time, place, age and fashion; and some turn into habits.

Meaning

A want is a desire backed by the willingness and ability to satisfy it. All economic problems arise because human wants are unlimited while the means to satisfy them are limited. Understanding the nature of wants is therefore the first step in studying consumption.

Characteristics of wants

• Wants are unlimited: As soon as one want is satisfied another arises, so the total number of wants is endless.
• A particular want is satiable: Although wants in general are unlimited, any single want can be fully satisfied at a given time.
• Wants are recurring: The same want, such as hunger or thirst, appears again and again.
• Wants are competitive: Because means are limited, wants compete with one another, forcing the consumer to choose and set priorities.
• Wants are complementary: Some wants are satisfied jointly; for example a car needs petrol, a pen needs ink.
• Wants are alternative: A want can often be satisfied in more than one way, for example hunger by rice or by bread. …