Basic Concepts of Economics: Human Wants

Vocabulary flashcards covering the basic economic concept of human wants, their classification, and their primary characteristics based on Chapter 2.

Desire

The ordinary wish to have something, distinct from an economic want.

Want (in Economics)

An effective desire for a particular thing that can be satisfied by making an effort to acquire it, such as earning income.

Primary Wants

Wants for goods that are basic necessities of life, essential for the very existence of human beings and for maintaining normal efficiency.

Secondary Wants

Wants that arise only after primary wants are satisfied, relating to goods that provide comforts and luxuries.

Wants for Comforts

Secondary wants for goods that serve as a source of comfort and happiness for people, such as refrigerators, music systems, or sofas.

Wants for Luxuries

Wants for very expensive goods that add to prestige and serve as status symbols to show wealth and power, rather than providing high benefits relative to their cost.

Unlimited Wants

The feature of human wants indicating that they are endless, lasting from birth until death, as individuals continuously acquire multiple and cumulative wants.

Complementary Wants

Wants that co-exist, where two or more goods are wanted together to satisfy a single desire, such as pen and ink or a car and petrol.

Substitution of Wants

The characteristic wherein a particular want can be fulfilled by choosing either one good or another, such as drinking cold drinks or juice for thirst.

Competitive Wants

The situation where different commodities compete with each other because a person has limited income to satisfy competing choices.

Multiplying Wants

The tendency of human wants to expand and create new demands over time due to the growth of human knowledge, science, and technology.

Recurrent Wants

The characteristic of human wants indicating that they can only be satisfied temporarily and arise again and again, requiring repeated satisfaction.

Satiability of a Single Want

The principle that while all wants collectively cannot be satisfied due to limited resources, an individual single want can be fully satisfied.