For example, our wants for rice, bread clothes etc.are definitely more important than our need for motorcycle, TV, freeze etc.
It means a machine becomes useless and idle if a man does not operate it. Again we find in a matured economy that machine replaces man.
At present man and machine compete with each other for its use.
Further, wants compete with each other to be satisfied first.
The nature of competition among wants may be (i) very close and (ii) remote.
The study of human wants reveals the following characteristics. Wants differ from person to person even though there are some wants common to all human beings.
When one want is satisfied, another comes which may be of a different kind. A single article of that group can not satisfy the whole want.This is quite common in industrially developed countries.Plenty of advertisements through TV, newspaper, radio etc. Especially in TV we come across some attractive and interesting advertisements for different articles.Wants constitute the nucleus of all economic activities. So wants give rise to human efforts and such efforts will lead to satisfaction.Hence the study of wants and their characteristics is essential for the students of economics. To possess a commodity people have to work and effort is necessary.Then with the possession of goods and services, people can satisfy their wants.So wants efforts and satisfaction constitute the subject matter of economics.So food and other bare minimum necessaries of life are treated as most urgent wants while the need for consumer durables are taken as less urgent.However, wants also vary in their intensity (or urgency) at different stages of our life.Similarly the wants of any two persons are not same.One may be vegetarian while the other one may prefer to have non-vegetarian dishes. This means some of our wants recur again and again.