Q.Explain the characteristics of wants.

Wants sit at the very root of Economics, and the Std XI syllabus expects a student to know several distinct features of how wants behave. …

A want is a desire for a good or service that gives satisfaction when fulfilled, and it shows several distinct characteristics. First, wants are unlimited in number — as soon as one is satisfied, another takes its place, so human wants as a whole are never all satisfied at once. Second, a particular want is satiable — although wants overall are endless, any single specific want, such as thirst, can be fully satisfied at a given moment by consuming enough of the good that meets it. Third, wants are competitive — because income is limited, satisfying one want (buying a new textbook) often means postponing another (a bus outing) since both compete for the same rupee. Fourth, wants are complementary — some wants must be met together, such as tea together with sugar and milk, or a car together with fuel. Fifth, wants differ in urgency and recurrence — food and water are urgent and recurring, a festival gift is occasional, and fashion-driven wants change with habit and …

Students often state only 'wants are unlimited' and stop, missing the equally important and commonly-tested points on competitiv …