Define want, describe its characteristics.

A want is something you would like to have. It is not absolutely necessary, but it would be a good thing to have.

A good example is music. Now, some people might argue that music is a need because they think they can't do without it. But we don't need music to survive as we do need to eat.

Characteristics of wants:

Man is a bundle of desires. His wants are infinite in variety and number. Characteristics of human wants are:

1.   Human wants are unlimited:

Man’s mind is so made that he never completely satisfied and hence there is no end to human wants. One want is satisfied another want will crop up to take its place and thus it is never ending cycle of want.

2.   Any particular want is satiable:

Though the wants are unlimited, but it is possible to satisfy a particular want, provided has the means (resource).

3.   Wants are complementary:

It is a common experience that we want things in groups.  For example, a motor-car needs petrol and mobile oil it starts working. Thus the relationship between motor-car and petrol is complementary.

4.   Wants are competitive:

Some wants competes to other. We all have a limited amount of money so we must choose some things and reject the other. For instance - tea and coffee.

5.   Some Wants are both complimentary and competitive:

When use of machinery is done the use of labor needs to be reduced. This indicates competitive nature. But to run the machinery the labor is also required and as such it indicates complimentary relationship.

6.   Wants are alternative:

There are several ways of satisfying a particular want. If we feel thirsty, we can have water or lassi.

7.   Wants vary with time, place and person:

Wants are not always the same. It varies with individual to individual. People want different things at different times and in different places.

8.   Wants vary in Urgency and Intensity:

All wants are not equally urgent and intense. Some wants are urgent while some are less urgent.

9.   Wants multiply with civilization:

With the advancement the wants multiply. Therefore the wants of people living in urban area are more than the villagers.

10. Wants are recurring:

Some wants are recurring in nature, such as food we require again and again.

Finally, human wants are infinite. After the satisfaction one want, we found another one.