Characteristics of wants

Characteristics of wants:

1. Wants are unlimited:

Man is a package of requirements. There is no boundary to human wants. When one set of requirements are fulfilled, immediately other set of needs would be felt. Even the richest man will contain a list of needs to be fulfilled.

2. Every want is satiable:

Needs in general are unlimited. However a single or a specific want is satiable. We can totally satisfy a single want. A man is hungry and he needs food. By spending little money on food, he can obtain food and gratify his hunger.

3. Wants are competitive:

Wants are limitless. The resources and time at our disposal are much restricted and we can’t satisfy all needs. Therefore the wants will be competing to get pleased. One set of wants might be competing with the other set of needs to get preference of selecting first. For illustration, Bob has a sum of $ 20. With this amount of $ 20, he has to decide among going to a movie, purchasing a magazine or buying vegetables. Obviously, a consumer will select the more urgent needs and dispense his income on numerous goods in such a way as to acquire maximum satisfaction.

4. Wants are complementary:

Some needs are complementary in nature, that is, they have to be satisfied altogether. However want might be a single one, we need many commodities and services to gratify that want. Want for ‘writing’ comprises want for paper, pen & ink. In some situations, wants might be both ‘competitive’ &‘complementary’. For illustration, labor and machinery. Labor can be relocated by machinery. Machines can’t work without the aid of labor.

5. Wants are alternative:

A want can be pleased by two or more goods or by two or more techniques. A want for hot drink might be satisfied by tea or coffee. We might go by ‘bus’ or ‘train’ to reach our destination. Therefore, a want can be satisfied by numerous ways. Such alternative goods or techniques are termed as ‘substitutes’.

6. Wants differ with time, place and person:

Needs are not static in character. They are modifying with time, place & person. We need hot drinks in winter and cold drinks in summer. People of England need warm woolen suits and rain coats. The needs of a villager are different from a business magnet living in city. The needs of our forefathers were dissimilar from the wants of the current generation. Therefore, wants differ with generation, society, culture, geographic locality and the extent of economic development.

7. Some wants recur again:

Some needs are felt again and again.

The need for food can be fulfilled by eating food. Again similar want emerge after a few hours. That is why we say needs are recurring in nature.

8. Wants are influenced by advertisements:

Effective advertisements via journals, films, radio &TV will generate new wants and the existing wants get customized. Via advertisements and clever salesmanship, businessmen generate tastes for their products.

9. Wants become habits and customs:

When a specific want is fulfilled repeatedly by a commodity, then it becomes a routine. Illustration: drinking coffee & tea. Needs become habits and habits are accountable for wants.

 

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