Economic Wants

Economic wants means desire for goods and services. The attempt to satisfy wants forms the basis of all economic activity. A desire of a person cannot become want until he has money to purchase and is also willing to give away for that good. Economic wants are fulfilled by consumptions of goods and services.

Necessities of life are basic needs of a person, without which our life is not possible. These include ordinary food, clothing and shelter. Comforts of life make life easy and comfortable. These wants increase efficiency of a person. These wants include better food, comfortable bed and transport facilities. Luxuries of life are neither necessary nor they increase efficiency of a person. These wants include an expensive car, big bungalow etc. These wants are for pomp and show and for mental satisfaction of a consumer.

Economic wants are unlimited, after fulfilling one want another want comes up, hence there is no end to them. Wants once fulfilled, never ends, they are repeated again and again. Some wants are felt urgently than others. Some of them cannot be postponed while others can be postponed. Some wants can be fulfilled with the use of alternative goods.