Wants evolve with rising incomes, technological progress and changing lifestyles. This forces producers to innovate and supply newer products. All wants cannot be satisfied because productive resources are limited while desires remain infinite.
Why do you think people’s wants keep changing over time? How does this affect production in an economy? Why cannot all our wants be satisfied?
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Human wants keep changing because exposure to new technologies, higher household income and societal trends constantly generate new desires. In an economy, this shift alters production patterns, causing obsolete goods to be replaced by modern products. However, because the factors of production like land, labor and capital are strictly scarce, society can never produce enough to satisfy every unlimited want.
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