- Wants Are Infinite:
There is no limit to the number and variety of wants. When a particular want is satisfied, new wants arise. To start, the man aims at satisfying his basic wants like hunger, thirst, shelter and clothes. When these are satisfied, the less urgent wants crave for satisfaction like having better clothes, furniture’s, valuables etc. All the wants can be satisfied, because of the resources available and the increase in number of wants.
- The Suitability Of Human Wants:
When we have got one thing we desire to possess something else and then a third thing and soon indefinitely. Every step in human progress is marked by a growth in the number and variety of wants. But with a very few exceptional every single want is satiable sooner or later.
All wants cannot be satisfied at a time but single want taken separately can be completely satisfied.
- Wants Are Competitive:
They are competitive in the sense that human wants are innumerable and that each one of them tries to be satisfied.
Ex: If a person has a rupee in his pocket it may be used for his food or for the purchase of some essential thing for children.
This means that all his wants are competing for the 10 rupees for satisfaction. The main reason for competition of wants is that the resources at disposal are limited.
- Certain Wants Are Complementary:
Wants for certain goods are complementary with other goods. Ex-1 Wants for bread is complementary with the want of butter. Need for pen is accompanied with need for ink and paper because they are complementary to each other. Ex-2 Desire for tea involves at the same time desire for milk, sugar and tea powder.
- Most wants are alternative:
Many of our wants can be satisfied by alternative goods and services.
Ex-Hunger can be satisfied by either rice or bread or others. This characteristic is based on principles of substitution which offer relief to the consumer.
- Recurrence of wants:
Some wants recur and some don’t. The recurrence of wants depends upon the habituality of the person.
Ex: Recurring wants-Hunger, thirst Non recurring wants-Visit to historical places
- Some Wants Turn Into Habits:
A continuous use of a particular good leads to habit of consuming it. Hence the want for pan chewing is satisfied continuously it becomes a habit. The persons living in the society/caste/structure are compelled to follow certain customs and also related to the maintenance of standard of living.
- Wants Vary In Urgency:
Some wants need to be met immediately. They cannot be postponed. Some wants can be satisfied later.
Ex-The want for money to meet a child’s milk expenses is immediate, hunger, thirst etc.
- Some Wants Are Permanent, Some Are Temporary:
Wants for essentials like clothes, shelter are permanent. The want for medicine for a family member is temporary.
- Some Wants Are Substitutable:
Tea and coffee are alternate wants. If the want is satisfied with tea there is no need to satisfy the want through coffee. They are substitutable to each other.
- Wants Are Many By Gradable:
All wants are not equal in intensity. Some wants are more intense while some are less intense and postponable. Intensity of wants depends on income, habit, time etc. hence wants can be graded in terms of degree of intensity or urgency. This character of wants is useful in laying down a consumer scale of preference.
- Wants Are Influenced By Advertisement:
Now wants are created by alternative advertisements and clever salesmanship. The existence of many commodities are made known by use of advertisements and the advertisements are so attractive that human beings want to have these things. Ex- washing machines, cosmetics
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