ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Goods or services that you would like to have, but aren’t needed for survival are called
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needs
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wants
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resources
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capital
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Explanation:
Detailed explanation-1: -Goods or services those are not necessary for living are called wants. Goods and services that are necessary for living are called needs . Needs are the things which are necessary for survival however wants are additions to needs. For example: if one is hungry, he needs food.
Detailed explanation-2: -Food, water, clothing, sleep, and shelter are the bare necessities for anyone’s survival.
Detailed explanation-3: -Definition of Essential Good: A physical item required by a consumer in order to sustain health or life.
There is 1 question to complete.