Unlimited wants refers to human tastes that are never satisfied with the various goods and services they already have. We always want more.
Suppose you already have a car. However, you want something more luxurious, say, want to buy a sports car. Furthermore, when you already have it, you might also want a private jet.
However, not all of your desires are achieved. You face limited resources. You don’t have enough money. In economic terms, you face scarcity and economic problems. And, scarcity is not only for money but also for natural resources, capital, labor, and even time.