Understanding Human Wants: Characteristics, Importance & Classification
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.
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
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.
