GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Into what two categories can wants be divided?
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Unlimited and noneconomic
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Economic and noneconomic
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Unlimited and limited
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Unlimited and economics
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Explanation:
Detailed explanation-1: -Economic activities refer to the actions of the individuals associated with the manufacturing and consumption of products and services. These are done for monetary gain. Non-Economic activities are those activities done to offer products or services to others with no purpose of financial gain.
Detailed explanation-2: -Classification of Human Wants We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
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