basic concepts of economics-human wants
DESCRIPTION
ecoTRANSCRIPT
BASIC CONCEPTS OF ECONOMICS
HUMAN WANTS – MEANING, FEATURES AND
CLASSIFICATION
HUMAN WANTS ARE COUNTLESS IN NUMBER AND VARIES IN KIND.MAN IS A BUNDLE OF DESIRE.HIS WANTS ARE INFINITE OR
UNLIMITED.
HUMAN WANTS CAN BE CONTROLLED BY DEVELOPING CULTURAL, SOCIAL AND ETHICAL VALUES.
SOCIAL VALUES PREACHING
CULTURAL VALUES DANCE
ETHICAL VALUES PRAYING TOGETHER
SOME WANTS ARE NATURAL FOR SURVIVAL SUCH AS FOOD, CLOTHING, SHELTER ETC
FOOD
CLOTHING
SHELTER
WANTS VARY FROM INDIVIDUAL TO INDIVIDUAL,
TIME TO TIME, PLACE TO PLACE AND SO ON
HUMAN WANTS HAVE A CERTAIN DISTINCT CHARACTERISTICS
• HUMAN WANTS ARE UNLIMITED• WANTS ARE COMPLEMENTARY• WANTS ARE COMPETITIVE• WANTS ARE GRADABLE• WANTS ARE VARIABLE• WANTS ARE RECURRING
HUMAN WANTS ARE UNLIMITED
THERE ARE MULTIPLE WANTS. WHEN ONE WANT IS SATISFIED , ANOTHER ONE ARISES. WHEN THE PREVIOUS WANT IS SATISFIED ANOTHER ONE
IMMEDIATELY APPEARS THUS THERE IS A CHAIN OF WANTS, ONE CHASING
ANOTHER.
COMPLEMENTARY WANTS
CAR PETROL
COMPLEMENTARY WANTS
PEN INK
COMPLEMENTARY WANTS
BREAD BUTTER
COMPLEMENTARY WANTS
SHOES SOCKS
WANTS ARE COMPLEMENTARY
TO SATISFY ONE’S WANT A PERSON REQUIRES TWO OR MORE COMMODITIES eg- CAR-PETROL, PEN-INK, BREAD-BUTTER, SHOES-SOCKS.
SUCH WANTS ARE KNOWN AS COMPLEMENTARY WANTS. AS THEY GO HAND IN HAND WITH EACH OTHER.
WANTS ARE GRADABLE
WANTS CAN BE GRADED ACCORDING TO THEIR URGENCY.
MOST IMPORTANT WANTS MUST BE FULFILLED FIRST & THE LEAST IMPORTANT IN THE LAST.
ILLNESS
BUYING ICECREAM
STUDIES
WATCHING MOVIES
FOR e.g. WANT FOR LIFE SAVING DRUGS WOULD BE URGENT DURING ILLNESS RATHER THAN BUYING AN ICECREAM. STUDIES ARE MORE IMPORTANT RATHER THAN WATCHING MOVIES.
COMPETITIVE
BHAKRI CHAPATI
COMPETITIVE
TEA COFFEE
COMPETITIVE
PIZZA BURGER
COMPETITIVE
FRUIT JUICE COLD DRINK
WANTS ARE COMPETITIVE
HUMAN WANTS ARE COMPETITIVE i.e. THEY COMPETE WITH EACH OTHER
THEY ALL CANNOT BE FULFILLED WITH THE LIMITED RESOURCES AT A TIME,
CHOICE HAS TO BE MADE eg- BHAKRI OR CHAPATI, TEA OR COFFEE, PIZZA OR BURGER, FRUIT JUICE OR COLD DRINK.
WANTS ARE VARIABLE
WANTS VARY FROM PERSON TO PERSON, TIME TO TIME, PLACE TO PLACE
Eg:- THERE IS A WANT FOR WOOLLEN GARMENT IN WINTER THAN IN SUMMER, COTTON CLOES IN SUMMER THAN IN WINTER, RAIN WEAR IN RAINY SEASON THAN SUMMER.
WOOLEN CLOTHES
COTTON CLOTHES
RAIN WEAR
RECURRING
FOOD WATER
RECURRING
CLOTHES MEDICINE
WANTS ARE RECURRING
SOME WANTS ARE RECURRING IN NATURE. THEY APPEAR AGAIN AND AGAIN OVER A PERIOD OF TIME. EXAMPLE:- FOOD, WATER, CLOTHES,
MEDICINES.
NECESSARIES
FOOD CLOTHING
NECESSARIES
SHELTER EDUCATION
NECESSARIES
BUS TRAIN
COMFORTS
FURNITURE FAN
COMFORTS
TAXI COOL CAB
LUXURIES
CAR AIR-CONDITIONER
LUXURIES
TRAVELLING BY AIR
CLASSIFICATION OF WANTS
CLASSIFICATION OF WANTS
SUMMARY
• HUMAN WANTS ARE COUNTLESS.• HUMAN WANTS ARE UNLIMITED.• MAN IS A BUNDLE OF DESIRE.• BY DEVELOPING CULTURAL, SOCIAL AND ETHICAL VALUES HUMAN WANTS CAN BE CONTROLLED TO SOME EXTENT.• SOME WANTS LIKE FOOD, CLOTHING SHELTER ARE NATURAL FOR SURVIVAL• WANTS VARY FROM INDIVIDUAL TO INDIVIDUAL, TIME TO TIME, PLACE TO PLACE. • CHARACTERISTIC S OF HUMAN WANTS :- • HUMAN WANTS ARE UNLIMITED.• WANTS ARE COMPLIMENTARY.• WANTS ARE COMPETITIVE.• WANTS ARE GRADABLE.• WANTS ARE VARIABLE.• WANTS ARE RECURRING.
QUESTION’S
WHAT IS THE MEANING OF HUMAN WANTS?HOW CAN HUMAN WANTS BE CONTROLLED?NAME THE FEATURES OF HUMAN WANTS?HOW ARE HUMAN WANTS CLASSIFIED?
HOME WORK
WRITE 4 TO 5 EXAMPLES OF CULTURAL, SOCIAL AND ETHICAL VALUES IN YOUR
BOOK
THANK YOUTHE END