Characteristics of wants:1. Wants are unlimited:
Man is a package of requirements. There is no boundary to human wants. When one set of requirements are fulfilled, immediately other set of needs would be felt. Even the richest man will contain a list of needs to be fulfilled.2. Every want is satiable:
Needs in general are unlimited. However a single or a specific want is satiable. We can totally satisfy a single want. A man is hungry and he needs food. By spending little money on food, he can obtain food and gratify his hunger.
3. Wants are competitive:
Wants are limitless. The resources and time at our disposal are much restricted and we can’t satisfy all needs. Therefore the wants will be competing to get pleased. One set of wants might be competing with the other set of needs to get preference of selecting first. For illustration, Bob has a sum of $ 20. With this amount of $ 20, he has to decide among going to a movie, purchasing a magazine or buying vegetables. Obviously, a consumer will select the more urgent needs and dispense his income on numerous goods in such a way as to acquire maximum satisfaction.4. Wants are complementary:
Some needs are complementary in nature, that is, they have to be satisfied altogether. However want might be a single one, we need many commodities and services to gratify that want. Want for ‘writing’ comprises want for paper, pen & ink. In some situations, wants might be both ‘competitive’ &‘complementary’. For illustration, labor and machinery. Labor can be relocated by machinery. Machines can’t work without the aid of labor.5. Wants are alternative:
A want can be pleased by two or more goods or by two or more techniques. A want for hot drink might be satisfied by tea or coffee. We might go by ‘bus’ or ‘train’ to reach our destination. Therefore, a want can be satisfied by numerous ways. Such alternative goods or techniques are termed as ‘substitutes’.6. Wants differ with time, place and person:
Needs are not static in character. They are modifying with time, place & person. We need hot drinks in winter and cold drinks in summer. People of England need warm woolen suits and rain coats. The needs of a villager are different from a business magnet living in city. The needs of our forefathers were dissimilar from the wants of the current generation. Therefore, wants differ with generation, society, culture, geographic locality and the extent of economic development.7. Some wants recur again:
Some needs are felt again and again.
The need for food can be fulfilled by eating food. Again similar want emerge after a few hours. That is why we say needs are recurring in nature.
8. Wants are influenced by advertisements:
Effective advertisements via journals, films, radio &TV will generate new wants and the existing wants get customized. Via advertisements and clever salesmanship, businessmen generate tastes for their products.9. Wants become habits and customs:
When a specific want is fulfilled repeatedly by a commodity, then it becomes a routine. Illustration: drinking coffee & tea. Needs become habits and habits are accountable for wants.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Theory of Consumer Behavior help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Theory of Consumer Behavior, project ideas and tutorials. We provide email based Theory of Consumer Behavior help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Theory of Consumer Behavior. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of Economics assignments, which may help you to solve your complex issues of Theory of Consumer Behavior. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com factors affecting electron affinity assignment help-homework help by online electron affinity tutors
Common Laboratory Apparatus tutorial all along with the key concepts of Glassware, Condensers, Other Glassware, Others apparatus, Clamp and Clamp Holders, Bunsen burner
www.tutorsglobe.com offers rectilinear figures homework help, rectilinear figures assignment help, online tutoring assistance, geometry mathematics solutions by online qualified math tutor's help.
each task description should identify inputs, their sources. and due dates. outputs or task results should be indentified and described as to where each result goes.
tutorsglobe.com dependence of dissociation constant assignment help-homework help by online chemical equilibrium tutors
tutorsglobe.com flower is a modified stem evidence assignment help-homework help by online flower-a metamorphosed shoot tutors
Boolean algebra and Flip Flops tutorial all along with the key concepts of Logic gates, AND Gate, OR Gate, NOT Gate, Combination of Logic Gates, NAND Gate, NOR gate, Boolean algebra, Boolean Theorems
www.tutorsglobe.com offers answering questions to external diseconomies, types of external diseconomies, economics homework help - assignment help by live tutors.
tutorsglobe.com divisions of economics assignment help-homework help by online nature and scope of economics tutors
Osmotic Response-Freshwater and Terrestrial tutorial all along with the key concepts of Freshwater Invertebrates, Freshwater Vertebrates, Terrestrial Invertebrates, Terrestrial Vertebrates, Terrestrial Mammals
Theory and lecture notes of Characteristics of DBMS all along with the key concepts of characteristics of dbms, Introduction to Database, Data, Information, Metadata, DBMS Utilities. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Characteristics of DBMS.
tutorsglobe.com capital rationing assignment help-homework help by online capital budgeting and project planning tutors
Polyurethanes, Cellulose-Polyacrylonitrile tutorial all along with the key concepts of Polyurethanes, Spandex, Cellulose, Polyacrylonitrile, Polymers an Application
tutorsglobe.com strain improvement assignment help-homework help by online industrial microbiology tutors
tutorsglobe.com normal and super normal profit assignment help-homework help by online profits tutors
1965061
Questions Asked
3689
Tutors
1465122
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!