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- Understanding the Concept of Human Wants and Needs in Economics
Understanding the Concept of Human Wants and Needs in Economics
Learn about the concept of human wants and needs in economics and how they are insatiable. Explore why human wants cannot be satisfied and how individuals constantly seek new things to fulfill their desires.
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Video Transcript
second part of it is that you know it is
if if you if you studied economics or
you were privileged to have a minor in
it or something like myself um you would
have been taught about um this thing
about human wants that wants and needs
and they said like just said that um
human wants are
insatable right human wants are
insatable so which means human wants
cannot be satis ified once a particular
want is has been satisfied you would
always want a new thing today you want
the latest iPhone uh once you have it
you're already thinking of the latest um
Samsung once you have it you're already
thinking of the latest this once you
have it it could be we it could be WR
watches it could be anything at all
human ons are insertable okay so which
means that we are always looking forward
to satisfied to the next one and once it
is been satisfied it becomes insatable
again it doesn't make sense
everybody yeah yeah good good so funny
but the truth is the same thing is
applicable in the
market okay the same thing is applicable
in the market and that is the concept of
efficiency and inefficiency don't worry
I'll show you a number of stuff now now
but just before that let's not jump the
first thing we need to talk about today
is all the
block uh let me look for that
curriculum
um there you go
copy and
paste
uhuh nice
order the block so there goes the
question guys what is order the
block anybody somebody contribute
please um it's the candle that has
institutions set their orders in to
either take it up or down
soon good so that's that's one view any
other person I really enjoyed our
session the last time because we're all
contributing and so was really
