Meaning, Types And Characteristic Features Of Wants

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I heartily welcome you to read this post on the concept of wants.

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Want

Generally a want is just a desire. But in Economics it is a very basic/fundamental concept which is basis for number of other concepts in economic theories. It is assumed that Human wants are always unlimited or limitless whereas, resources are always in scarce. Simply the resources are always less than the demand. That's why the reason a man will go for alternative resources. Want is a psychological phenomenon. 

Economic want and noneconomic want

Generally wants are divided into 2 types. they are:

• Economic want
• Noneconomic want

    *Economic want refers to those desires which can be bought and satisfied through money or other way of transaction. For example, purchase of clothes, Satisfying basic requirements/necessities etc. This kind of want requires purchase of a commodity. It can be satisfied with the right desire and ability to pay. I can say simply that the involvement of money to satisfy wants are known as Economic wants. 

    *Noneconomic Wants refers to those wants which cannot be satisfied by any transactions or buying of commodities. They cannot be satisfied by externally. It will be satisfied with conscious efforts. For example, Love, Kindness, peace, etc. I can say simply that satisfying without spending money is called as noneconomic want.

features of wants

There are n number of features to describe about wants in economics. few important features are written below. 

• Wants are unlimited with the increase in technology, availability of resources and converting more resources by innovation.
• A particular want can satisfiable in a particular time.
• Wants are complementary which means using more than 1 or more goods can satisfy a particular want at a time.
• Competition: all wants cannot satisfied at a same time so, he has to choose between different resources and desires at a same time.
• Recurring: Few wants are recurring which means they appear again and again in different times. It generally happens due to a habit or necessity. 
• Wants differ from time, person and place. Hence We can say that wants are highly influenced by environment, hobbies,  needs, time, ability to pay, motives and requirements.
• Wants are alternative which means we can change/alter the desires based on availability of required resources to satisfy the want in that particular period of time.
• Wants vary in the time of urgency. Its very practical feature.

Wants are further classified into Necessities, Comforts and Luxuries.

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The end

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