Consumption

Human Wants:

A study of human wants has acquired great importance in economics due to the following reasons:

1. Every man has certain wants. Human wants are satisfied through the consumption of commodities and services. The commodities and services required for consumption are obtained by man through economics activities like agriculture, mining, manufacture-ING, fishing, forestry, commerce etc.

2.Again it is form the characteristics of human wants that several important economic theories or laws have been developed. For instance, one of the characteristics of human wants a single or particular want is satiable has given rise to the law of diminishing marginal utility.

Meaning of Human Wants: 

Erich Roll defines wants as an experience of lack of satisfaction which leads to action designed to provide that satisfaction. According to this highly technical definition human wants mean man's desires to have things which he does not have in simple language, human wants refer to man's desires for goods and services.