What is the meaning of Wants ? Explain it.

1.	What is the meaning of Wants ? Explain it.
Answer» In the ordinary sense, both desire and requirement are used in the same sense, but in economics, these two words are different. Effective desire in economics is considered as a necessity. Three things are necessary for effective desire : 1. the desire to obtain something 2. adequate means to satisfy the .desire 3. the readiness to spend for fulfilling the desire. If one thinks about buying a car then it is his wish, but if he has enough currency to buy a car and is willing to spend the money on buying that car, then the desire for the car becomes his necessity.

Answer»

In the ordinary sense, both desire and requirement are used in the same sense, but in economics, these two words are different. Effective desire in economics is considered as a necessity.

Three things are necessary for effective desire :

1. the desire to obtain something

2. adequate means to satisfy the .desire

3. the readiness to spend for fulfilling the desire.

If one thinks about buying a car then it is his wish, but if he has enough currency to buy a car and is willing to spend the money on buying that car, then the desire for the car becomes his necessity.

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