Let us make an in-depth study of Human Wants:- 1. Definition of Human Wants 2. Elements of Human Wants 3. Relationship with Economic Activities 4. Importance 5. Classification. Definition of Human Wants: In ordinary sense the word 'desire' and 'wants' are considered as one and there seems to be no difference between the two. But in economics there is difference [...]
The following points highlight the nine factors determining the classification of human wants. The factors are: 1. Income and Economic Condition of the Consumer 2. Tastes and Nature 3. Habit of a Man 4. Occupation of a Man 5. Social Status 6. By Standard of Living 7. Natural Condition and Climate of the Country 8. Time 9. Price of the [...]
The following points highlight the top seventeen characteristics of human wants. Some of the characteristics are: 1. Human Wants are Unlimited 2. A Particular Want is Satiable 3. Wants Differ in Intensity 4. Wants are Recurrent 5. Wants are Competitive 6. Some Wants are Alternative 7. Some Wants are Complementary and Others. Industrial Characteristics # 1. Human Wants are Unlimited: [...]