Wants and Needs
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Everyone has wants and needs. Our economic wants are satisfied by consuming goods, services, or leisure activities, such as video games. But human wants are unlimited. Whether it is a person struggling to feed herself in the developing world, or a millionaire seeking to increase her fortune in the USA, there is always something more an individual wants. Human beings want better food; housing, transport and health services.
But economic resources are limited. People have to make choices because they cannot have everything they want – having more of one thing normally means having less of something else.The development of society can be described as the emergence of new wants and needs - which producers attempt to supply by using the available factors of production.
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