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VIII) On the basis of satisfaction of wants – Necessaries comforts luxuries. CLASSIFICATION OF WANTS – Human wants foe different goods can be classified on the basis of urgency, satisfaction received or availability of substitutes into necessaries, comforts and luxuries.

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Basic concepts – Wants

WANTS NEEDS & DESIRES – A distinction may be made between wants, needs and desires. To the extent that they all indicate a state of absence of satisfaction, they are synonymous but they are a shade different from each other.

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