GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -False. It is not true to say that someone’s wants are essential for survival. Wants are in a category of a desire and not necessity, and they are unlimited, and resources to satisfy them are limited.
Detailed explanation-2: -Human wants are unlimited. This means that they are never ending and can never be fully satisfied. Since wants keep on adding, all of them cannot be satisfied due to limited resources.
Detailed explanation-3: -These are: air, water, food, shelter, sanitation, sleep, space, and touch.
Detailed explanation-4: -Food, water, clothing, and shelter are all needs. If a human body does not have those things, the body cannot function and will die. Wants are things that a person would like to have but are not needed for survival. A want may include a toy, expensive shoes, or the most recent electronics.
Detailed explanation-5: -Needs and wants differ from one another in terms of their nature. Needs are the necessities we have; in other words, without needs, we can’t continue living. For example, air, food, water: without the consumption of these goods, it isn’t possible for us to live.