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in Ancient Indian Economic Concepts by (49.7k points)
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What is the meaning of Wants ? Explain it.

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In the ordinary sense, both desire and requirement are used in the same sense, but in economics, these two words are different. Effective desire in economics is considered as a necessity. 

Three things are necessary for effective desire :

1. the desire to obtain something 

2. adequate means to satisfy the .desire 

3. the readiness to spend for fulfilling the desire.

If one thinks about buying a car then it is his wish, but if he has enough currency to buy a car and is willing to spend the money on buying that car, then the desire for the car becomes his necessity.

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