Final answer:
Human needs and wants vary due to differences in geography, culture, and economic status, and they change over time as new challenges and societal shifts occur, necessitating adaptive economic policies.
Step-by-step explanation:
The statement "Human needs and wants are neither uniform in all parts of the world nor static over the year," encapsulates the idea that requirements and desires vary across different cultures and geographical areas and change over time. A person living in a flood-prone area, for instance, might prioritize building a house on stilts, while someone in a mountainous zone could carve a shelter into the cliffs. Similarly, an individual from a developing country may manifest different aspirations and lifestyle choices compared to someone in a developed country due to the varied economic and social conditions.
In addition to geographical and cultural variations, human needs and wants evolve as societies progress and face new challenges. Environmental concerns, for example, have gained prominence over the past few decades, influencing individual and collective choices on consumption and lifestyle. And as these wants and needs change, they also reflect in the economic decisions nations and individuals make, like the tradeoffs in buying local versus imported goods.
Moreover, the capability approach suggests that economic policies should aim to provide resources matched to individual needs to allow everyone the chance to flourish. Such approaches are dynamic, necessitating ongoing adjustments to match the changing needs and wants of humanity.