The main characteristics of human wants are as follows:
1. Human wants are unlimited in number. We make efforts to satisfy certain wants. Even before these wants are satisfied, new wants appear. Therefore, human wants as a whole are never completely satisfied. Resources to satisfy wants are limited. As a result some of the wants always remain unsatisfied.
2. Wants differ in intensity. At a particular point of time, some wants appear more important than other wants. Once this want is satisfied other wants become most important. This process continues.
3. Some wants are complementary and some are competitive: Certain wants can be satisfied as a group. For example, the want for a cup of tea can be satisfied only when tea, milk and sugar are available. Wants for these three items are complementary. On the other hand, want for tea and want for coffee are competitive if one increases the other decreases.
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4. Wants are satiable. An individual want can be completely satisfied at a particular point of time. For instance, when a hungry person takes food, his want is satisfied. But the same want will arise again. Some wants may never be satisfied e.g. miser’s greed for wealth, politician’s lust for power, etc.
5. Wants are subjective. Human wants cannot be measured in absolute terms. They are subjective and are influenced by advertisements, publicity, etc.
6. Wants change into habits. When a particular want is satisfied continuously, a person may get used to it and it may grow into a habit. For example, regular drinking of tea, coffee, alcohol, etc. becomes a habit for many people.
7. Wants arise from multiple sources: Some wants such as food, water, clothing, etc. arise due to natural instincts. Everybody needs them.
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But other wants arise from economic and social status, social obligation, etc. For example, a person may have to eat, dress and live like others in the society.
Similarly, the same want may be satisfied in several ways depending on the relative prices and money available with a person.