Nature and Classification of Human Wants
Mridula Sharma26 Nov, 2024
Share
Human wants are the desires that people seek to feel satisfied. Human wants are essentially inherent drives that must be satisfied. Everyone desires things like food, clothes, shelter, etc. In addition, individuals want air conditioners, vehicles, bungalows, and other things.
Even when all of their needs are met, human desires never stop. When we talk about human wants in the context of economics, we're talking about personal preferences rather than necessities. Want is essentially non-essential. The advancement of innovation and technology has led to a constant rise in needs. While requirements are necessary for survival, wants are not, yet it is useful to know how supply and demand relate to different commodities.Nature of Human Wants
The concept of human wants in economics encompasses all individuals' aspirations, desires, and motives. Given below is the nature and characteristics of human wants: Unlimited Nature: Humans are perpetually unsatisfied, leading to endless wants. While some wants may be temporarily fulfilled, they inevitably reappear. Varying Intensity: Different wants possess varying levels of urgency; some are more pressing than others. Competitive Nature: Due to limited resources, individuals struggle to prioritise and satisfy their wants. The most urgent want takes precedence when there is competition among desires. Complementarity: Wants can be interconnected, requiring the fulfilment of one desire to enable another. For instance, running a car necessitates the availability of petrol, creating a link between the wants for both goods. Dynamic and Changing: Human wants are not static; they continuously evolve based on the individual's circumstances, time, and location. Formation of Habits or Customs: Over time, individual wants may transform into habits or customs, shaping a person's long-term preferences and behaviours.Classification of Human Wants
Human wants to continue to grow over time and have no limit. Human wants may be divided into two categories: (i)Economic wants and (ii) non-economic wants.Non-Economic wants
Non-economic wants are those that can be met without the use of any economic resources such as land, labor, capital, or organization. In other words, individuals do not need any income or money to fulfil their desires. These desires are stated as a want to obtain, such as air, sunlight, love, fame, and respect. Non-economic wants are not covered in the topic of economics since they do not motivate people to engage in any kind of economic activity.Also Read- Commerce Without Maths Subjects Class 11
Economic Wants
Economic desires are those whose fulfilment necessitates human beings participating in economic activities such as land, labor, capital, and organization, and therefore earning revenue in the form of rent, wage, interest, and profit. This suggests that only the use of money may satisfy economic wants. Economic wants include the desire to get food, clothes, television, carpet, crockery, and furniture, among other things. Because economic wants motivate people to engage in economic activities and develop resources to satisfy them, we are primarily concerned with these desires. There are three types of economic desires. (i) Necessities (ii) Comforts (iii) LuxuriesNecessities:
A necessity is anything that must be obtained in order to meet the basic needs. It is not something that is optional or desirable under normal circumstances. A simple example of a need is food to eat, clothing to wear, and shelter to provide protection against any unfavorable conditions.Comforts:
When individuals attain life's essentials, people look for comforts. People's comfort is a secondary criteria that makes their lives easier. Music, television, a gas heater, furniture, and other amenities are examples of comforts. People are more productive at work when they are comfortable.Luxuries:
Luxuries are desires for such commodities that create a very high standard of life. These items are extremely costly and hence only accessible to a limited segment of society. These items provide a noticeable consumption criteria that may be reduced. As a result, they hinder savings growth. Automobiles, rich jewelery, and high-priced décor are examples of luxury.Characteristics of Human Wants
Human wants are influenced by various factors, and understanding their characteristics helps explain why they differ from person to person. Here are some key features of human wants:Repetitive Wants : Some needs are recurring in daily life, like food and water, which are essential for everyone. However, certain needs vary between individuals. For instance, diabetic patients require insulin regularly, while others do not.
Wants Change with Age : As people grow, their desires shift. A child may want toys, while a teenager may prefer gadgets like a PlayStation. Similarly, adults may seek career stability and financial security.
Gender-Specific Wants : Gender plays a significant role in determining desires. For example, women may prefer fashion items like dresses, while men might want different types of clothing or accessories.
Geographic Differences in Wants : People's needs are also shaped by where they live. In hotter climates, people may desire air conditioners or coolers, while in cooler regions, they may need heaters or temperature control devices.
Health-Related Wants : Health also impacts what people want. Those who are healthy may not need medicines, but individuals with health conditions will seek medical treatments, healthcare facilities, or nutritional support.
Endless Nature of Wants : Human desires are infinite and constantly growing. As technology and innovation advance, new wants emerge. The more people are provided with, the more they desire.
| Read Related Topics | |
| Types of Insurance | Fiscal Policy |
| Joint Venture (JV) | Cost Sheet Format |
| Likert Management System | Endorsement of Instruments |
| Father of Economics | Index Numbers |
Nature and Classification of Human Wants FAQs
What is the nature of want?
What are the three most fundamental human wants?
What do you mean by "human wants"?
What is the very earliest stage of human life?
What is life's longest stage?
Live & recorded classes available at easeDashboard for progress trackingMillions of practice questions at your fingertips
