WELCOME TO YOU I heartily welcome you to read this post on the concept of wants. ------------------------------ 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 in

WELCOME TO YOU I heartily welcome you to this post. I've written following points based on my knowledge. I may not provide full information but I'm sure you will understand the theme of subject. ------------------------------ It looks like a very simple question, but there is a lot to know while searching the meaning and about economics subject. Economics is a Social science which means it focusses on the social issues. generally a social science studies and works for the welfare of the society. It plays a vital role in Managing Resources,  Choosing wisely between wants and decision making process and also distribution of wealth. So, it is the study about how humans, business organizations, governments, countries takes the decisions and uses the resources. For example, if you have 100 R.S, generally the wants will be more but you will prioritize the spending money on the things which you needed at that time. here the problem arises to spend the money and to take good decision.