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5 Things to Know in the Satisfaction of Human Wants
The concept of economics is usually focus on the scarcity and productivity of resources to satisfy the basic human needs and wants with the use of money as a medium of exchange. The society has been motivated to produce various commodities with an interest of profit and later distribute to the commercial and business centers that need to use a medium of exchange to buy or sell good and services to satisfy the human wants. Likewise, the basic idea of economics is to know the utility or the satisfaction of human wants. The society needs to produce these goods, which are scarce; therefore, it has corresponding value or price. The production of goods is usually the basic and secondary needs that the society must have in order to live. It has corresponding price using money as a medium of exchange.
These are the five common things to know why need to satisfy our needs and wants in order to survive and regain esteem in a highly structured society.
These are clothing (shirts, pants, underwear, shoes and others) which we are using with corresponding style, fashion and fads depending on the culture of the society. These are produce by manufacturing firm with different famous brands such as bench, penshoppe, gap, levis and others).The production of these need factory workers, factory plant, marketing and promotion of the product, and display in malls and market to sell these products.
The shelter or residential area which is consider as a house includes the basic compartment of house such as dining room, kitchen, living room, garage, bedroom and toilet. The construction of a house that needs a carpenter, plumber, mason, engineer, architect and other relevant work. The construction workers are paid through wages and salaries.
In education, the schooling of individual which is elementary, secondary, tertiary and graduate level. This also needed not only on education but employment to earn an income and use it to buy the needed goods.
The basic need for food for biological survival of life. The need of body nutrients is the sole purpose on its biological existence. The human body needs food such as vegetable ,meat, fish, pork, fruits and edible foods. The excess or lack of food intake and nutrients may create problems of the physical, mental and social well-being. The presence of contaminated food and unhealthy food intake may also produce bad effect to the body.
The health life style may create a better life. While the presence of diseases and illnesses may create health care adherence to treat such problem through the services of the physician and confinement in hospital or clinic. The health service rendered has corresponding medical cost or expenses for the treatment of particular disease.
5) Secondary Needs
The creation of secondary need such as the use of cars ( Honda, Mitsubishi, Toyota and etc.) appliances such as television ( Sony, LG,Sharp and etc.), computers ( Microsoft, Apple and etc.), refrigerators ( Kelvinator, National and etc.), air-condition, DVD, and other appliances have been the most in demand in the market . They have produce employment and investment such as factory, commercial offices, malls and other tangible goods that provided complexities in the life of society because of the production of these products