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Why human wants are unlimited?

Updated: 4/28/2022
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12y ago

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In Economics, a common phrase is "humans have unlimited wants with limited resources." This, like many other economic concepts, is an abstraction ― a generalization that can apply to consumers with acceptable accuracy. This generalization works because many of the resources important to humans that makes consumption possible are finite and can easily run out if we had no restraint. It's a simple matter of we want more than we have.

Of course, this generalization may not apply to all people ― some may "want" very little at all. But when we're talking about an entire economy of consumers, the assumption is that there are unlimited wants.

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