ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -3] Luxuries. These are goods that give humans pleasure and prestige in society. They are not needed for existence or comfort but provide happiness and acceptance in the world. These wants may be called superfluous.

Detailed explanation-2: -Food, water, clothing, sleep, and shelter are the bare necessities for anyone’s survival.

Detailed explanation-3: -A “want” is something we desire that is not essential to survival.

Detailed explanation-4: -Answer and Explanation: Consumers satisfy their wants through purchasing goods and services for consumption purposes. In the global market, the satisfaction of needs and wants is achieved through international trade. In other words, importing and exporting different products and services promote global consumption.

Detailed explanation-5: -There are three types of goods: necessity, comfort, and luxury goods. Necessities are goods needed for basic living such as food and housing. Comfort goods are goods that make life nicer and happier, such as televisions, organic foods, or a gym membership.