Question
Explain the characteristics of human wants.
✓
Answer
In the ordinary sense, the word, ‘want,’ and ‘need’ are considered as same. But, in economics, a need is something that is necessary for survival whereas, want is the expression of lack of satisfaction. It enables the person to satisfy his want.Characteristics of wants are as follows:
- Wants are unlimited: Wants are multiple. They are never-ending. They arise again and again. When one want is satisfied another arises. Wants go on increasing.
- Wants are recurring in nature: Some of the humans want to occur again and again. They arise even if it is satisfied once. E.g. We take food after a certain time interval to satisfy hunger.
- Wants are complementary: Some wants are complementary to each other. Sometimes, two or more goods are required to satisfy single want. E.g. the want for mobile can be satisfied only when we fulfill the want of a sim card.
- Wants to differ with gender: Wants of men and women are different, as per their needs. E.g. a lady may take Saree while a gentleman wants a Shirt and Tie.
- Wants to differ with age: Human wants to go on changing as age differs. E.g. a baby wants a doll whereas a student wants a book, etc.
- Wants are competitive: We cannot satisfy all our wants at a time because means are limited. So there is competition among wants. That want is preferred first which is most urgent.
- Wants are alternative: Some wants are alternative. E.g. having tea or coffee, using an umbrella or raincoat, etc.
- Wants to differ with culture: Human wants to vary with culture. E.g. an American wants a coat and hat while an Indian wants a kurta.
- Wants to differ with climate: Wants to go on changing with the season. E.g. a person who wants woolen clothes in winter and Ice-cream in summer.
- Wants to differ with preferences: Human wants to differ according to tastes and preferences. Wants are also influenced by the habits of the people. E.g. Person ‘A’ has a preference for books, while Person ‘B’ has a preference for clothes.
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