ECONOMICS
SCARCITY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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What is an economic want?
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Things people need in order to survive.
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Things people would like to have.
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Things people don’t want anymore.
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None of the above
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Explanation:
Detailed explanation-1: -Like for example food, shelter, clothing, etc are economic human wants . And those which cannot be bought are non-economic wants like peace, love, affection, etc. All human wants to have some basic common characteristics.
Detailed explanation-2: -A need is something thought to be a necessity or essential items required for life. Examples include food, water, and shelter. A want is something unnecessary but desired or items which increase the quality of living. Examples include a car stereo, CD’s, car, and designer clothes.
Detailed explanation-3: -Economics deals with how we allocate scarce resources, and those scarce resources may be needed to meet someone people’s needs and other people’s wants.
There is 1 question to complete.