Wants
Also called: human wants · Topic: Scarcity, Choice and Economic Systems · NCERT: Class 7, Ch 12 "Understanding Markets"; Class 9, Ch 8 "Building Blocks in Economics: The Problem of Choice"
Meaning
Wants are things a person desires but does not need to survive, such as gadgets, holidays and luxury items. Human wants are unlimited and keep changing. When one want is met, a new one appears. Unlimited wants set against limited resources create scarcity, which is the root of all economic problems.
Example
A young person first wants a bicycle. Once they have it, they want a motorbike, and later a car. Their pocket money or income stays limited, so they must choose which wants to satisfy.
Don't confuse with
- Needs: needs are essential for survival: food, water, clothing and shelter.
- Demand: a want counts as market "demand" only when it is backed by the ability to pay. A poor family may want low-cost housing, but if it cannot pay, the market does not count that as demand.