GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Seeing a movie at a theater would be considered a(n) ____ want.
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unlimited
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limited
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economic
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noneconomic
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Explanation:
Detailed explanation-1: -Explain why wants are considered unlimited, changing, and competing. We must choose what will satisfy us the most at one time, and those wants can change depending on the situation.
Detailed explanation-2: -We can classify wants into three broad categories in economics. These are Necessaries, Comforts, and Luxuries.
Detailed explanation-3: -Resources are scarce because we live in a world in which humans’ wants are infinite but the land, labor, and capital required to satisfy those wants are limited. This conflict between society’s unlimited wants and our limited resources means choices must be made when deciding how to allocate scarce resources.
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