NATURE OF HUMAN WANTS

NATURE OF HUMAN WANTS
All desires, tastes and motives of human beings are called wants in Economics. Wants may arise due to elementary and psychological causes. Since the resources are limited, we have to choose between the urgent wants and the not so urgent wants.

All wants of human beings exhibit some characteristic features.

1. Wants are unlimited in number. They are never completely satisfied.

2. Wants diuer in intensity. Some are urgent ,others are felt less intensely.

3. Each want is satiable.

4. Wants are competitive. They compete each other for satisfaction because resources are scarce to satisfy all wants.

5. Wants are complementary. Some wants can be satisfied only by using more than one good or group of goods.

6. Wants are alternative.

7. Wants are subjective and relative.

8. Wants vary with time, place, and person.

9. Some wants recur again whereas others do not occur again and again.

10. Wants may become habits and customs.

11. Wants are auected by income, taste, fashion, advertisements and social customs.

12. Wants arise from multiple causes such as natural instincts, social obligation and individual’s economic and social status.

Dhananjay sir, [23.02.18 21:26]

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