Q.Analyse the characteristics of wants.
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Start your 14-day free trial to unlock the full solution →Human wants have several important characteristics: they are unlimited in number but each single want is satiable; they recur again and again; they are competitive (compete for limited means) and also complementary (some are wanted together); they vary from person to person and with time, place and fashion; some become habits and conventions; and they range from necessaries to comforts and luxuries. Because wants are unlimited while means are limited, the economic problem of scarcity and choice arises.
Meaning
A 'want' is a desire backed by the willingness and ability to satisfy it. Wants are the foundation of all economic activity because people produce, exchange and consume goods to satisfy their wants.
Characteristics of Wants
- Wants are Unlimited: human wants are endless — as one want is satisfied, another arises, so the total number of wants is limitless.
- A Particular Want is Satiable: though wants in general are unlimited, any single want can be fully satisfied at a given time (e.g. hunger can be satisfied by eating).
- Wants are Recurring: many wants arise again and again, such as the daily want for food and water.
- Wants are Competitive: because means are limited, wants compete with one another for satisfaction, forcing the consumer to choose and set priorities.
- Wants are Complementary: some wants are satisfied together — a car needs petrol, a pen needs ink.
- Wants Vary: wants differ from person to person and change with time, place, climate, age, income and fashion.
- Wants become Habits: repeated satisfaction of a want can turn it into a habit or convention (e.g. tea or coffee). …
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