1. Unlimited: Human wants are unlimited in nature. There is no end to the desires and needs of individuals. As one want is fulfilled, another arises, leading to a continuous cycle of wants.
2. Varied: Human wants are diverse and differ from person to person. They can range from basic needs like food, clothing, and shelter to more complex desires such as luxury goods, entertainment, and social recognition.
3. Dynamic: Human wants are not static but change over time. They are influenced by various factors such as age, culture, social status, and personal experiences. For example, the wants of a child may differ from those of an adult.
4. Prioritized: Human wants are prioritized based on their importance and urgency. Individuals tend to prioritize their basic needs before fulfilling their secondary or luxury wants. For instance, satisfying hunger is usually given priority over buying a new gadget.
5. Competitive: Human wants are often in competition with each other due to limited resources. As there are scarce resources to fulfill all wants, individuals have to make choices and prioritize certain wants over others.
6. Insatiable: Human wants are insatiable, meaning they can never be fully satisfied. Even when a want is fulfilled, new wants emerge, leading to a continuous cycle of desire and fulfillment.
7. Influenced by external factors: Human wants are influenced by external factors such as advertising, social media, peer pressure, and cultural norms. These external influences shape and influence the wants and desires of individuals.
8. Subjective: Human wants are subjective and vary from person to person. What one individual considers a want may not be the same for another person. Personal preferences, values, and beliefs play a significant role in shaping individual wants.
9. Influenced by income and affordability: Human wants are influenced by an individual's income and affordability. The ability to fulfill wants is often limited by financial constraints. Higher income individuals may have a wider range of wants and the ability to fulfill them compared to lower-income individuals.
10. Ever-evolving: Human wants are not fixed but evolve with changing circumstances and societal developments. Technological advancements, cultural shifts, and economic changes can influence and shape the wants of individuals over time.