ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Unlimited Wants and Needs: This is a basic characteristic of humanity which means that people are never totally satisfied with the quantity and variety of goods and services. It means that people never get enough, that there is always something else that they would want or need.

Detailed explanation-2: -Human wants are unlimited. we may satisfy some of our wants but soon new wants arise. It is impossible to produce goods and services so as to satisfy all wants of people. Thus scarcity explains the relationship between limited resources and unlimited wants and the problem there in.

Detailed explanation-3: -Unlimited wants is an economic term that refers to humans’ insatiable appetite for things. We never get enough because there is always something else that we need or want. The term ‘unlimited wants’ is the side of human nature that wants an infinite number of things.

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.

Detailed explanation-5: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources. Scarcity affects the monetary value people place on goods and services and how governments and private firms decide to distribute resources.