BASIC CONCEPTS OF ECONOMICS

HUMAN WANTS – MEANING, FEATURES AND

CLASSIFICATION

HUMAN WANTS ARE COUNTLESS IN NUMBER AND VARIES IN KIND.MAN IS A BUNDLE OF DESIRE.HIS WANTS ARE INFINITE OR

UNLIMITED.

HUMAN WANTS CAN BE CONTROLLED BY DEVELOPING CULTURAL, SOCIAL AND ETHICAL VALUES.

SOCIAL VALUES PREACHING

CULTURAL VALUES DANCE

ETHICAL VALUES PRAYING TOGETHER

SOME WANTS ARE NATURAL FOR SURVIVAL SUCH AS FOOD, CLOTHING, SHELTER ETC

FOOD

CLOTHING

SHELTER

WANTS VARY FROM INDIVIDUAL TO INDIVIDUAL,

TIME TO TIME, PLACE TO PLACE AND SO ON

HUMAN WANTS HAVE A CERTAIN DISTINCT CHARACTERISTICS

• HUMAN WANTS ARE UNLIMITED• WANTS ARE COMPLEMENTARY• WANTS ARE COMPETITIVE• WANTS ARE GRADABLE• WANTS ARE VARIABLE• WANTS ARE RECURRING

HUMAN WANTS ARE UNLIMITED

THERE ARE MULTIPLE WANTS. WHEN ONE WANT IS SATISFIED , ANOTHER ONE ARISES. WHEN THE PREVIOUS WANT IS SATISFIED ANOTHER ONE

IMMEDIATELY APPEARS THUS THERE IS A CHAIN OF WANTS, ONE CHASING

ANOTHER.

COMPLEMENTARY WANTS

CAR PETROL

COMPLEMENTARY WANTS

PEN INK

COMPLEMENTARY WANTS

BREAD BUTTER

COMPLEMENTARY WANTS

SHOES SOCKS

WANTS ARE COMPLEMENTARY

TO SATISFY ONE’S WANT A PERSON REQUIRES TWO OR MORE COMMODITIES eg- CAR-PETROL, PEN-INK, BREAD-BUTTER, SHOES-SOCKS.

SUCH WANTS ARE KNOWN AS COMPLEMENTARY WANTS. AS THEY GO HAND IN HAND WITH EACH OTHER.

WANTS ARE GRADABLE

WANTS CAN BE GRADED ACCORDING TO THEIR URGENCY.

MOST IMPORTANT WANTS MUST BE FULFILLED FIRST & THE LEAST IMPORTANT IN THE LAST.

ILLNESS

BUYING ICECREAM

STUDIES

WATCHING MOVIES

FOR e.g. WANT FOR LIFE SAVING DRUGS WOULD BE URGENT DURING ILLNESS RATHER THAN BUYING AN ICECREAM. STUDIES ARE MORE IMPORTANT RATHER THAN WATCHING MOVIES.

COMPETITIVE

BHAKRI CHAPATI

COMPETITIVE

TEA COFFEE

COMPETITIVE

PIZZA BURGER

COMPETITIVE

FRUIT JUICE COLD DRINK

WANTS ARE COMPETITIVE

HUMAN WANTS ARE COMPETITIVE i.e. THEY COMPETE WITH EACH OTHER

THEY ALL CANNOT BE FULFILLED WITH THE LIMITED RESOURCES AT A TIME,

CHOICE HAS TO BE MADE eg- BHAKRI OR CHAPATI, TEA OR COFFEE, PIZZA OR BURGER, FRUIT JUICE OR COLD DRINK.

WANTS ARE VARIABLE

WANTS VARY FROM PERSON TO PERSON, TIME TO TIME, PLACE TO PLACE

Eg:- THERE IS A WANT FOR WOOLLEN GARMENT IN WINTER THAN IN SUMMER, COTTON CLOES IN SUMMER THAN IN WINTER, RAIN WEAR IN RAINY SEASON THAN SUMMER.

WOOLEN CLOTHES

COTTON CLOTHES

RAIN WEAR

RECURRING

FOOD WATER

RECURRING

CLOTHES MEDICINE

WANTS ARE RECURRING

SOME WANTS ARE RECURRING IN NATURE. THEY APPEAR AGAIN AND AGAIN OVER A PERIOD OF TIME. EXAMPLE:- FOOD, WATER, CLOTHES,

MEDICINES.

NECESSARIES

FOOD CLOTHING

NECESSARIES

SHELTER EDUCATION

NECESSARIES

BUS TRAIN

COMFORTS

FURNITURE FAN

COMFORTS

TAXI COOL CAB

LUXURIES

CAR AIR-CONDITIONER

LUXURIES

TRAVELLING BY AIR

CLASSIFICATION OF WANTS

CLASSIFICATION OF WANTS

SUMMARY

• HUMAN WANTS ARE COUNTLESS.• HUMAN WANTS ARE UNLIMITED.• MAN IS A BUNDLE OF DESIRE.• BY DEVELOPING CULTURAL, SOCIAL AND ETHICAL VALUES HUMAN WANTS CAN BE CONTROLLED TO SOME EXTENT.• SOME WANTS LIKE FOOD, CLOTHING SHELTER ARE NATURAL FOR SURVIVAL• WANTS VARY FROM INDIVIDUAL TO INDIVIDUAL, TIME TO TIME, PLACE TO PLACE. • CHARACTERISTIC S OF HUMAN WANTS :- • HUMAN WANTS ARE UNLIMITED.• WANTS ARE COMPLIMENTARY.• WANTS ARE COMPETITIVE.• WANTS ARE GRADABLE.• WANTS ARE VARIABLE.• WANTS ARE RECURRING.

QUESTION’S

WHAT IS THE MEANING OF HUMAN WANTS?HOW CAN HUMAN WANTS BE CONTROLLED?NAME THE FEATURES OF HUMAN WANTS?HOW ARE HUMAN WANTS CLASSIFIED?

HOME WORK

WRITE 4 TO 5 EXAMPLES OF CULTURAL, SOCIAL AND ETHICAL VALUES IN YOUR

BOOK

THANK YOUTHE END