Saturday, 11 April 2015

Human Wants, How they differ from Desires and their Satisfaction

Here, I am giving some basic knowledge and facts about desires and wants and their satisfaction. To know about Human Wants in Economics and their characteristics, we should first know about the difference between wants and desires and be able to distinguish the wants from desires.

What is Desire
All human beings have Desires. They are just like some natural instincts or longings. We desire to be rich, to be healthy, to be happy and reach to a high status and position in society. We like to live in posh bungalow, own a car, dine in 5 star hotels, wear stylish apparels, own huge bank balance, travel in air, so on; it is an endless list.These are all desires and can be had by any person. Desires and dreams are fantastic things. They can be had at any of the oddest occasions also because they need no price to be paid for having them.

Human Wants
Now, coming to wants. Human Wants in Economics are desires that are supposed to be backed by purchasing capacity. You can not fulfil all of your desires at any case. You should have money or some purchasing power to get your desires accomplished. So, a desire becomes a want when you think of achieving it and try to satisfy the desire with your purchasing capacity. You will try to earn some income or possess wealth in order to satisfy them.

Difference between wants and desires
  • Desires are natural instincts which start even from birth. Wants are developed from these natural desires, while man grows on along with his earning capacity and purchasing power.
  • Desires do not require purchasing power for their existence. But wants require to be backed by some purchasing power.
  • Desires are infinite in number. They keep on growing always. Wants are also innumerable, but they often develop with your growing capacity and environmental conditions.
  • Most of the Desires are left unsatisfied. But, in case of Wants, most of them get satisfied during your lifetime. 

How do Wants get satisfied?
Wants are satisfied by way of acquiring and strengthening your purchasing power. You earn income and accumulate purchasing power to satisfy all your wants.

  • Wants get satisfied in two different ways. They are satisfied through consumption of goods or utilising the services of different service providers.
  • Purchasing a house, car, clothes, food, etc., are examples of some wants satisfied with goods. 
  • But these goods alone can not satisfy your wants. You will further require the services of a doctor, a hair cutter, a washer-man, a housemaid and many other professional men for satisfying some of your wants.
  • Again,wants are satisfied with the backup of resources. So, you can satisfy wants as long as the resources are there, not after that.
  • Some wants get satisfied with a single consumption whereas many other wants need recurring and regular consumption, like eating food, wearing clothes, shaving, hair-cutting and others.

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