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Unlimited wants Limited resources.

Wants are the desire for things that we wish we could have. All of us want things. In fact, our wants are almost unlimited in number. Sometimes all that limits our wants is our own imagination. But most of us cannot have everything that we want. We have to make decisions about which wants to satisfy.

Most of our wants – no matter how unlimited they may be – can be satisfied by some type of good or service. Goods are products, or items, that we may buy or someone else may buy for us. Goods can be physically measured or weighed. Bikes and skates are goods. So are heating oil, groceries, telephone wire, and lumber. Goods satisfy our wants for material things- things that we can see and touch.

We also have wants for things to be done for us. We wants someone (or something) to take our lunch orders, cut our hair, or teach us how to type. These wants are for services, which are tasks that people or machines perform.

On the other hand, some wants are shared to such an extent by so many people that they are really no longer private wants. They become public wants. Highways, national defense, and education are examples of public wants. For the most part, public wants are satisfied by goods and service provided by local, stases, and federal governments.

Another way of looking at wants is to classify them as necessary or optional wants. Necessary wants (often called needs) are those things that we all need in order to survive. Food, shelter, and clothing are the most basic of these wants. Optional wants are things that are not necessary for survival. Many items that are important in our daily lives are actually optional wants.