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Then with the possession of goods and services, people can satisfy their wants.So wants efforts and satisfaction constitute the subject matter of economics.This is quite common in industrially developed countries.
So we knew that different alternatives are there before us to satisfy our wants. The wants of the people living in southern part of India re distinctly different from the wants of the people living in northern part of India.
The nature of wants during summer season the winter season.
No human being on earth can satisfy all his (or her) wants. Though human wants are unlimited and all of them cannot be satisfied, yet a particular want is satiable. I can satisfy my hunger by taking some food provided I have the means. However, the laws of consumption are based on the characteristics of human wants. For example, the want for a pen to write involves at the same time want for ink and paper; they want for tea requires the want for sugar and milk at the same time; the want for a motor car to drive involves automatically want for petrol (or diesel) and mobile and so forth.
With the passage of time and human progress, we find a marked growth in the number and variety of wants. But the resources necessary to satisfy the wants is limited. We know that wants are unlimited and resources (or means) to satisfy them are limited. They compete with each other to be satisfied earlier.
A student may require to purchase a cycle and a wrist- watch.
He wants to have shoes and a mobile (or cell) phone.However, want is the desire to have a commodity or service.According to professor Penson, “Want is effective desire for particular things which expresses itself in the efforts or sacrifice necessary to obtain them.”The study of human wants is very important in economics because no human being on earth is free from these wants.Wants constitute the nucleus of all economic activities. So wants give rise to human efforts and such efforts will lead to satisfaction.Hence the study of wants and their characteristics is essential for the students of economics. To possess a commodity people have to work and effort is necessary.When we repeatedly use an article to satisfy a particular want, then it becomes a habit.Taking tea, chewing betel, taking alcohol, smoking cigarettes etc. For example, without the use of man power a machine cannot run.The study of human wants reveals the following characteristics. Wants differ from person to person even though there are some wants common to all human beings.When one want is satisfied, another comes which may be of a different kind. A single article of that group can not satisfy the whole want.So food and other bare minimum necessaries of life are treated as most urgent wants while the need for consumer durables are taken as less urgent.However, wants also vary in their intensity (or urgency) at different stages of our life.