ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -According to psychologist Abraham Maslow, human beings’ physiological needs for food, water, clothing, shelter, and sleep must be satisfied in order for them to address more complex needs like mental and physical health, relationships, sobriety, long-term housing, and employment.

Detailed explanation-2: -Economic wants are those goods and services that can be bought. Economic wants are classified as: Non-Economic wants are those which do not require a monetary payment. This could be love, affection, etc.

Detailed explanation-3: -One of the defining features of economics is scarcity, which deals with how people satisfy unlimited wants and needs with limited resources.

Detailed explanation-4: -In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.