Human Wants: How they Differ from Desires, and Get Satisfied?

Here, I am giving some basic knowledge and facts about desires and wants and their satisfaction. To understand Human Wants in Economics and their characteristics, we should first know the difference between wants and desires and be able to distinguish each from the other.

What is Desire

All human beings have desires. They are like natural instincts or longings. We desire to be rich, to be healthy, to be happy, and to reach a high status and position in society. We like to live in a posh bungalow, own a car, dine in 5-star hotels, wear stylish apparel, have a huge bank balance, and travel by air, and so on; it is an endless list. These are all desires and can be had by anyone. Desires and dreams are fantastic things. They can be had at any odd occasion also because they need no price to be paid for having them.

Human Wants

Now, coming to wants. In economics, human wants are desires that are backed by purchasing power. You cannot fulfill all of your desires at any time. You need money or purchasing power to satisfy them. A desire becomes a want when you think of achieving it and try to satisfy it with your purchasing power. You will try to earn income or accumulate wealth in order to satisfy them.

Difference between Wants and Desires

• Desires are natural instincts which start even from birth. Wants are developed from these natural desires, while man grows along with his earning capacity and purchasing power.
• Desires do not require purchasing power for their existence. But wants require to be backed by some purchasing power.
• Desires are infinite in number. They keep on growing always. Wants are also innumerable, but they often develop with your growing capacity and environmental conditions.
• Most of the Desires are left unsatisfied. But, in the case of Wants, most of them get satisfied during your lifetime. 

How are wants satisfied? 

Wants are satisfied by way of acquiring and strengthening your purchasing power. You earn income and accumulate purchasing power to satisfy all your wants. But simple money power is not sufficient in satisfying your wants. 

Other conditions determine the satisfaction levels.

• Wants get satisfied in two different ways. They are satisfied through consumption of goods or by utilising the services of different service providers.
• Some wants are free and do not need purchasing power, like water and air.
• Purchasing a house, car, clothes, food, etc., are examples of some wants satisfied with goods. 
• But these goods alone can not satisfy your wants. You will further require the services of a doctor, a hair cutter, a washerman, a housemaid, and other providers to satisfy some of the wants.
• Again, wants are satisfied with the backup of resources. So, you can satisfy wants as long as the resources are there, not after that.
• Some wants are satisfied with a single consumption, whereas many other wants require recurring and regular consumption, such as eating food, wearing clothes, shaving, haircuts, and others.