SATISFACTION OF HUMAN WANTS

​SATISFACTION OF HUMAN WANTS

Introduction;
For us to lead our lives well, we require certain commodities and services. These goods and services satisfy our wants. Human wants can be referred to as the desires that human beings strive to satisfy by using goods and services. The satisfaction of these wants refers to the process of acquiring and using the required goods and services.

Characteristics of human wants

1. Insatiable – human wants are endless (each cannot be satisfied once and for all) and they are also unlimited in number (satisfying one requires the other.)
2. Competitive – the unlimited human wants are to be satisfied using limited human wants. This necessitates choice of the wants to satisfy and those to forego;
3. They are recurrent – Satisfaction levels vary in time such that a need that has been fully satisfied in one point of time requires satisfaction in another point. Several hours after eating to the full, one feels hunger again.
4. Varied intensity and urgency – the intensity of need is different for different people and also in different time, gender, age, season, location and culture.
5. Require resources – it takes resources to satisfy human wants. Resources are always much less than the wants they need to satisfy;
6. Complimentary – Satisfying some wants may create a need for another related want. For instance, acquiring a shoe may create a need for polish and socks, buying a car may require fuel.
7. Universal – most human wants are common to all human wants, though in varying quantities and qualities;
8. Habitual – Many consumers tend to develop a taste of commodities they use more frequently, especially certain brands and also certain addictive commodities.

​Types of Human Wants

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