ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -So many wants originate from one want. Many requirements are to be fulfilled again and again while many wants arise because of development of science and technology. Thus, because of many reasons wants become unlimited. So, in order to fulfill the wants, one has to make selection among wants.

Detailed explanation-2: -The unlimited wants refer to human’s insatiable greed or appetite for things. Robbin’s definition explains that there is always something else that humans need and they never get enough. On the other hand, the resources for humans are limited and this creates the problem of scarcity.

Detailed explanation-3: -The economic problem of scarcity arises because needs and wants are unlimited and the resources (or means) to fulfil these wants are limited. The statement is indeed true. We have unlimited needs and wants, on the one hand, and scarce resources, on the other, which leads to scarcity.

Detailed explanation-4: -Unlimited wants refers to human tastes that are never satisfied with the various goods and services they already have. We always want more. Suppose you already have a car. However, you want something more luxurious, say, want to buy a sports car.