GENERAL KNOWLEDGE

Detailed explanation-1: -One of the many definitions of Economics states “Economics is a science that studies the human behaviour as a relation between unlimited ends and the limited means.” Ends = the human needs/wants. Means = resources. Hence, Economics helps us to fulfill the unlimited human needs by using the limited and scarce resources.

Detailed explanation-2: -Nature of Human Wants. All the desires and aspirations and motives of humans are known as human wants in economics. And the wants that can be satisfied with goods and services of any kind are economic wants. Like for example food, shelter, clothing, etc are economic human wants.

Detailed explanation-3: -In economics, Ends simply means human needs, wants or desire. Human wants are unlimited, we want virtually everything in the world to satisfy our human needs, but resources are scares to satisfy this insatiable human want.

Detailed explanation-4: -Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources. As soon as one want gets satisfied, another one emerges.