Human Wants: Characteristics, Importance & Classification
HUMAN WANTS: IMPORTANT
CHARACTERISTICS AND CLASSIFICATION
ECONOMIC NALYSIS (DBM-121)
A K JHA
Introduction
•
Man is a bundle of desires
•
Human desires culminate into wants
•
Wants are unlimited
–
Some wants are related to basic necessities of life
–
Some are to make life more comfortable and
luxurious.
•
Want is a means of expressing a need
•
It is a specific need for something
Characteristics of Human Wants
1.
Human wants are unlimited
-
Whe
n one want is satisfied another springs out
-
Multiplicity of wants
2.
Any particular want is satiable
-
Although human wants are infinite but it is possible to satisfy a single want
at particular time / place
3.
Wants are Complementary
-
We often require more than one commodity to satisfy ourselves
-
Most of the goods are required to be used in combination
4.
Wants are Competitive:
-
Wants are unlimited but means to satisfy them is limited
-
One cannot satisfy all wants at a particular time
-
Wants compete for resources
Characteristics of Human Wants
5.
Wants change with people, place and time
6.
Wants are alternative
-
A want can be satisfied by different alternatives
-
Choice of alternatives depends upon preferences and
resources/ money at disposal
7. Wants increases with progress of society
-
New technologies are developed
-
New kind of goods and services become available
8.
Wants differ in intensity and urgency
-
Unlimited wants occupy different positions in
hierarchy.
-
A man wants to satisfy first the most basic needs
-
e.g. foods, clothing, shelter.
Characteristics of Human Wants
9.
Wants gets converted into habits
-
Tea/coffee, Tobacco, Liquor, etc.
10.
Wants Recurring
11.
Wants are influenced by customs or traditions
- Man is a social animal
- We are bound to accept customs or traditions of our
society.
12.
Wants are affected by Promotion and Income
- Our purchasing power and promotion methods adopted
by business organizations influence buying process.
Importance of Wants
Needs/Wants
Efforts
Satisfaction
Classification of Human Wants
Based upon need, usage and importance human
wants can be classified into following categories:
1. Necessity:
This includes most essential things
and further subdivided into following
categories
a)
Necessity for existence-food, clothing and shelter
b)
Necessity for efficiency- e.g. use of computer in
teaching
c)
Necessity of convention - Social rituals and
customs
Classification of Human Wants
2. Comforts
-
To make life more easy, pleasant and more fuller, human
beings go for additional wants.
- After meeting necessities, people go for acquiring things of
comfort
- e.g. fan is necessary of efficiency in offices but air conditioner is a comfort.
3. Luxury
–
Often things of comfort are not enough.
–
People go for acquiring luxuries.
–
Preferences, standard of living, stage of economic
development of a country, time period, etc. determine
human need.
•
E.g. a mobile was supposed to be a luxury in past but now it is a necessity
for most of the people.
Human wants are unlimited and ever-changing, influenced by society, customs, income, and habits. They drive individuals to seek satisfaction through various means and alternatives, competing for limited resources. The classification of human wants based on necessity, usage, and importance helps in understanding the diverse nature of desires and preferences.
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Presentation Transcript
HUMAN WANTS: IMPORTANT CHARACTERISTICS AND CLASSIFICATION ECONOMIC NALYSIS (DBM-121) A K JHA
Introduction Man is a bundle of desires Human desires culminate into wants Wants are unlimited Some wants are related to basic necessities of life Some are to make life more comfortable and luxurious. Want is a means of expressing a need It is a specific need for something
Characteristics of Human Wants 1. Human wants are unlimited - When one want is satisfied another springs out - Multiplicity of wants Any particular want is satiable - Although human wants are infinite but it is possible to satisfy a single want at particular time / place Wants are Complementary - We often require more than one commodity to satisfy ourselves - Most of the goods are required to be used in combination 4. Wants are Competitive: - Wants are unlimited but means to satisfy them is limited - One cannot satisfy all wants at a particular time - Wants compete for resources 2. 3.
Characteristics of Human Wants 5. Wants change with people, place and time 6. Wants are alternative - A want can be satisfied by different alternatives - Choice of alternatives depends upon preferences and resources/ money at disposal 7. Wants increases with progress of society - New technologies are developed -New kind of goods and services become available 8. Wants differ in intensity and urgency - Unlimited wants occupy different positions in hierarchy. -A man wants to satisfy first the most basic needs - e.g. foods, clothing, shelter.
Characteristics of Human Wants 9. Wants gets converted into habits -Tea/coffee, Tobacco, Liquor, etc. 10.Wants Recurring 11.Wants are influenced by customs or traditions - Man is a social animal - We are bound to accept customs or traditions of our society. 12. Wants are affected by Promotion and Income - Our purchasing power and promotion methods adopted by business organizations influence buying process.
Importance of Wants Needs/Wants Satisfaction Efforts
Classification of Human Wants Based upon need, usage and importance human wants can be classified into following categories: 1. Necessity: This includes most essential things and further subdivided categories a) Necessity for existence-food, clothing and shelter b) Necessity for efficiency- e.g. use of computer in teaching c) Necessity of convention - Social rituals and customs into following
Classification of Human Wants 2. Comforts - To make life more easy, pleasant and more fuller, human beings go for additional wants. - After meeting necessities, people go for acquiring things of comfort - e.g. fan is necessary of efficiency in offices but air conditioner is a comfort. 3. Luxury Often things of comfort are not enough. People go for acquiring luxuries. Preferences, standard of living, stage of economic development of a country, time period, etc. determine human need. E.g. a mobile was supposed to be a luxury in past but now it is a necessity for most of the people.
