Economic Wants
Economic wants are the desires of consumers for goods and services that they would like to have. These wants are not essential for survival, but they are desired by consumers and are the driving force behind economic activity. Economic wants are different from economic needs, which are essential for survival, such as food, water, and shelter. Economic wants are unlimited and can be satisfied by the production of goods and services.
History of Economic Wants
The concept of economic wants has been around since the dawn of civilization. Ancient civilizations had to produce goods and services to satisfy their wants, and this has been the case throughout history. In the 18th century, Adam Smith wrote about the concept of economic wants in his book The Wealth of Nations. He argued that economic wants are the driving force behind economic activity, and that the production of goods and services is necessary to satisfy these wants.
Comparison of Economic Wants and Needs
| Economic Wants | Economic Needs |
|---|---|
| Desires of consumers | Essential for survival |
| Unlimited | Limited |
| Satisfied by production of goods and services | Satisfied by consumption of goods and services |
Summary
Economic wants are the desires of consumers for goods and services that they would like to have. These wants are not essential for survival, but they are desired by consumers and are the driving force behind economic activity. Economic wants are different from economic needs, which are essential for survival, such as food, water, and shelter. For more information about economic wants, visit websites such as Investopedia, The Balance, and Khan Academy.
See Also
- Economic Needs
- Demand
- Supply
- Scarcity
- Opportunity Cost
- Utility
- Marginal Analysis
- Consumer Surplus
- Producer Surplus
- Inflation
