The following points highlight the thirteen important factors affecting human wants.
Some of the factors are: 1. Physiological Factors 2. Geographical Factors 3. Economic Factors 4. Social Factors 5. Psychological Factors 6. Moral and Religious Factors 7. Scientific Factors 8. Habit and Fashion 10. Spread of Knowledge and Education and Others.
Factor # 1. Physiological Factors:
Physiological factors affect wants. Everyman feels the necessity of life saving articles.
Besides this, wants move and is felt as per age and the body construction. For Example—An old man feels the necessity of walking stick while a child wants toy.
Factor # 2. Geographical Factors:
Wants to a great extent depends upon geographical and climate conditions of the country. For Example—Woolen clothes for cold climate and hot tea are essential. Opposite to this, cold drinks and cotton clothes will be popular in mild and warm climate.
Factor # 3. Economic Factors:
Economic factors also affect the necessaries and wants. Necessaries of rich people are different with those of poor people. Poor people cannot go to purchase luxury goods.
Factor # 4. Social Factors:
There are certain social factors which affect wants. For example— Performing marriage ceremony, organising ‘Saradh’ function is essential and one has to organise and perform this.
Factor # 5. Psychological Factors:
Psychological elements affect our wants. For example— People mostly like to wear modern and good design clothes in order to receive respect in the society.
Factor # 6. Moral and Religious Factors:
Moral and religious factors affect the wants. A person having the theory of plain living and high thinking has less want in comparison to that man who leads his life in luxury.
Factor # 7. Scientific Factors:
Modern invention affects our daily life and increases wants. For example—The invention of calculator, television, electronic watch etc. affects want.
Factor # 8. Habit and Fashion:
The habit and fashion of a man affects the need and living of a man. For Example—These days it has become fashion among women to keep small hair, so they feel the necessity of hair cutting.
Factor # 9. Advertisement and Publicity:
Advertisement and publicity play very important role in affecting wants. For Example—In village the publicity of television, availability of good quality of cold drinks become popular only by advertisement and publicity.
Factor # 10. Spread of Knowledge and Education:
Increase in education increases knowledge and spreads civilisation and standard of living. The knowledge and position in the society compels man to purchase motor car, good clothes, quality articles in order to increase social prestige.
Factor # 11. Distribution of Income:
Distribution of income also affect wants. If in the society there is uneven distribution of income, then poor people’s purchasing power will be less. On the other-hand rich people will start purchasing goods of luxury and comforts. Increase in income will create demand of luxury and comfort goods.
Factor # 12. Political Situation:
Political situation also affect the man’s want. If there is political insecurity in the country and there is danger of attack by the neighbouring country then the government feels the need of purchasing arms and ammunitions.
Factor # 13. Industrial Position:
Industrial position of a country affects the social status of a man. If the industry is developed in any country, people will earn more, their standard of living in increase. This will help in increasing social prestige. More articles can be purchased.
On the other-hand, if the industrial situation is not favourable, rather it is going down, then most of the factory will have to be closed. People will face unemployment. Want for new and modern articles will be shattered.