It means a machine becomes useless and idle if a man does not operate it. Again we find in a matured economy that machine replaces man.At present man and machine compete with each other for its use.Similarly the wants of any two persons are not same.Tags: Hbs Mba Essay Questions 2011Essay On Responsible LeadershipWhat Is A Thesis For A Research PaperManagement In Business PlanWhat Is Report WritingTentative Thesis Statement For Abortion
As a matter of fact, all these advertisements influence our buying behaviour.
Now-a-days advertisements play a crucial role in changing our demand pattern.
However, want is the desire to have a commodity or service.
According to professor Penson, “Want is effective desire for particular things which expresses itself in the efforts or sacrifice necessary to obtain them.”The study of human wants is very important in economics because no human being on earth is free from these wants.
So food and other bare minimum necessaries of life are treated as most urgent wants while the need for consumer durables are taken as less urgent.
However, wants also vary in their intensity (or urgency) at different stages of our life.No human being on earth can satisfy all his (or her) wants. Though human wants are unlimited and all of them cannot be satisfied, yet a particular want is satiable. I can satisfy my hunger by taking some food provided I have the means. However, the laws of consumption are based on the characteristics of human wants. For example, the want for a pen to write involves at the same time want for ink and paper; they want for tea requires the want for sugar and milk at the same time; the want for a motor car to drive involves automatically want for petrol (or diesel) and mobile and so forth.With the passage of time and human progress, we find a marked growth in the number and variety of wants. But the resources necessary to satisfy the wants is limited. We know that wants are unlimited and resources (or means) to satisfy them are limited. They compete with each other to be satisfied earlier.They are: (i) more urgent want and (ii) less urgent want.It means to grade our wants according to their importance.The study of human wants reveals the following characteristics. Wants differ from person to person even though there are some wants common to all human beings.When one want is satisfied, another comes which may be of a different kind. A single article of that group can not satisfy the whole want.Similarly a man wants Hero- Honda motorcycle and a TV set. We cannot buy all articles at a time because of paucity of income (or resources). This choice will indicate which want is to be satisfied first and which one next.As a matter of fact, the choice we make to satisfy our wants is based on two things.A student may require to purchase a cycle and a wrist- watch.He wants to have shoes and a mobile (or cell) phone.