1. The document defines and discusses the characteristics and classification of human wants. It defines a want as an effective desire that a person has the resources and willingness to satisfy. 2. Human wants are described as unlimited, though particular wants can be satisfied. Wants are also competitive as resources are limited, and some wants are complementary or alternative to each other. 3. The document classifies human wants into necessities, comforts, and luxuries. Necessities include things necessary for life, efficiency, and social conventions. Comforts make life happier and improve efficiency and standard of living. Luxuries provide enjoyment but are not necessary.

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2. 1. MEANING OF WANT
2. DEFINITION OF WANT
3. ESSENTIALS OF WANTS
4. CHARACTERISTICS OF WANTS
5. CLASSIFICATION OF HUMAN
WANTS
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3. In normal usage the term ‘want’ means, a need, a
desire, a wish or a longing.
Conditions to be fulfilled
There must be a desire.
 He must have sufficient resources to pay for the
desire.
He must be willing to spare the resources for
fulfilling the desire.
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4. DEFINITION OFDEFINITION OF
WANTWANT
In the words of Prof. Thomas, “A want is
the effective desire for the satisfaction of
which the person has the power or
resources and is ready to spare these
resources for that desire.”
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5. Thus , we can say that an ‘Effective Desire’ is only
a want.
For example, if a person wants to purchase a car
- is simply a want until unless he has sufficient
resources and willingness to spare these
resources to purchase the car.
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6. 1. DESIRE: To touch or reach a sun, moon, star,
etc. is not a desire.
2. MEANS TO SATISFY DESIRE: A beggar
desiring a car is not a want.
3. WILLINGNESS TO SPARE THE
RESOURCES: If, a miser desires a car it is not
a want.
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7. 1. HUMAN WANTS ARE UNLIMITED:
 Satisfaction of one want give rise to another.
 Wants keep on multiplying
 Never ends
 The ‘ Law of Progress’ is based on unlimited wants.
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8. 2. A PARTICULAR WANT CAN BE
SATISFIED:
 Unlimited wants can be satisfied at a particular
time
 Eg. A person feeling hungry can satisfy it by
taking meals
 The ‘ Law of Diminishing Utility’ is based on this
characteristic
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9. 3. WANTS ARE COMPETITIVE:
 Resources to satisfy these wants are limited, so
wants are competitive.
 Has to make a choice between most urgent want.
 The ‘ Law of Substitution’ is based on this
characteristic.
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10. 4. SOME WANTS ARE
COMPLEMENTARY:
 Satisfaction of one want leads to the satisfaction
of another want.
 Eg. Purchase of car – purchase of petrol,
 Purchase of fountain pen- purchase of ink
 The ‘ Law of Joint Demand’ is based on this
characteristic.
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11. 5. SOME WANTS ARE ALTERNATIVE:
 Some wants can be satisfied by alternative
methods.
 Eg. If a person is thirsty – water, lassi, cold drinks,
shakes, juices, etc. can be used .
 The ‘ Concept of Alternative Demand &
Composite Supply’ is based on this characteristic.
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12. 6. RE-OCCURRENCE OF WANTS:
 Some wants recur again & again
 Eg. Thirst, hunger, etc.
 All wants are not of recurring nature.
 Eg. Want of house, car, T.V., etc.
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13. 7. DIFFERENCE IN THE INTENSITY OF
WANTS:
 Intensity of wants are not equal
 Eg. The want of food, clothes, etc. is more
intensifies than want of car, A.C. , etc.
 The ‘ Concept of Preference Function’ is based on
this characteristic.
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14. 8. SOME WANTS CONVERT INTO
HABITS:
 Consumption of some commodities again & again
converts into a habbit.
 Eg. Commodities like – tea, coffee, tobacco, etc.
 The ‘ Concept of Standard Of Living ’ is based on
this characteristic.
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15. 9. PRESENT WANTS ARE MORE
INTENSIFIED THAN FUTURE
WANTS:
 More importance to present wants than future
wants.
 Future wants can be postponed & not present.
 The ‘Time Preference Theory of Interest’ is
based on this characteristic.
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16. 10. WANTS ARE AFFECTED BY
FASHION AND CUSTOMS:
 A human has to accept the fashion & custom
prevailing in the society
 He cannot refrain himself.
 Eg. At the time of marriage & funeral, feast is
necessary.
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17. 11. KNOWLEDGE INCREASES THE
WANTS:
 Knowledge increases, his wants also increases.
 Knowledge of new product, tries to get it.
 Lack of knowledge – wants of villagers less than
urbans
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18. 12. WANTS ARE CHANGEABLE ON THE
BASIS OF TIME, PLACE & PERSON
 Not same at all time
 Difference on the basis of time, place and
person.
 Our wants differ from ancestors.
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19. 13. WANTS GIVES BIRTH TO
INVENTIONS
 Increasing wants have given birth to different
new inventions.
 Gives development to the society.
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20. 1. NECESSARIES
2. COMFORTS
3. LUXURIES
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21.  NECESSARIES FOR LIFE
 NECESSARIES FOR EFFICIENCY
 CONVENTIONAL NECESSARIES
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22. NECESSARIES FOR LIFE
Necessary for the existence of life
If not satisfied, then it is difficult to survive
For eg. Food, Cloth, Shelter, Medicines, Water, Air,
etc.
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23. NECESSARIES FOR EFFICIENCY
Necessary for increasing or maintaining the
efficiency
For eg. Medical facilities, Educational Facilities,
Training Facilities, Nourishing Food, Fresh Air,
Clean Water, etc.
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24. CONVENTIONAL NECESSARIES
Necessary from social customs and social
conventions point of view.
For eg. Expenditure on marriage/death/birth
ceremonies.
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25. 2.2. COMFORTS
The wants which make the life of a person more
happier and pleasant, increases the efficiency and
even improves the standard of living are called as
comforts. Eg. Want of heater in winter, fan in
summer, means of entertainment – radio, T. V. ,
etc.
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26. 3. LUXURIES:
 When unsatisfied do not cause any
problem
 If satisfied provides full enjoyment of life
 Do not increase the efficiency of a person
 Sometimes it decreases the efficiency
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27. CLASSIFICATION OF LUXURIES
1. HARMLESS LUXURIES:
Do not cause any problem e.g. Valuable
jewellery, large bungalow, car, etc.
2. HARMFUL LUXURIES:
: Causes harm to the health e.g. smoking, drinking,
etc.
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