ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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something essential for life that you must have to survive
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something not essential for life that you do not have to have to survive
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Either A or B
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None of the above
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Detailed explanation-1: -Needs are something that you must have, in order to live. On the contrary, wants are something that you wish to have, so as to add comforts in your life. Needs represents the necessities while wants indicate desires. Needs are important for the human being to survive.
Detailed explanation-2: -Food, water, clothing, sleep, and shelter are the bare necessities for anyone’s survival. For many people, these basic needs can not be met without the aid of charitable organizations.
Detailed explanation-3: -: a lack of something requisite, desirable, or useful. a building adequate for the company’s needs. : a physiological or psychological requirement for the well-being of an organism. health and education needs.
Detailed explanation-4: -Physiological needs include air, water, food, shelter, sanitation, touch, sleep, and personal space. As humans have evolved to interact in community settings, both hunting and gathering in groups, touch-as in a caring caress-is often considered a basic human survival need.
Detailed explanation-5: -Needs Definition in Economics In economics, a need refers strictly to anything a human being needs for their survival. Economically speaking, this is a rather short list. Water is our most essential need.