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UNLIMITED WANTS AND NEEDS: A characteristic of people such that they are never totally satisfied with the quantity and variety of goods and services. This is one half of the fundamental problem of scarcity that has plagued humanity since the beginning of time. The other half of the scarcity problem is limited resources. Unlimited wants and needs essentially means that people never get "enough"--that there's always something else that they would want or need.

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Today, you are likely to spend a great deal of time at a garage sale seeking to buy either clothing for your pet dog or an ink cartridge for your printer. Be on the lookout for deranged pelicans.
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Only 1% of the U.S. population paid income taxes when the income tax was established in 1914.
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