Opening Question. What is the difference between WANT and NEED ?. What you desire. What you’d like to have. MORE!. What’s required for survival. In Economics, “Needs” are no different than “Wants”. How available something is. Most things are scarce to some degree.
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
What’s required for survival.
In Economics, “Needs” are no different than “Wants”
Things that are freely available everywhere. e.g., Air
How satisfied you are. People will try to maximize utility – not necessarily just wealth.
Every decision has costs as well as benefits
Machinery or tools used in production
Workers in production
Property and inputs used in production
Coordinator of production
Purchased by business to produce more goods
Goods that last several years (cars; appliances)
Goods that are consumed quickly (food; clothes)
An arrangement where buyers and sellers exchange goods and services. Does not need to be a physical location.
A market where exchange is voluntary. Buyers and sellers decide for themselves what and how much to buy or sell
It is the demands of consumers that decide what and how much is produced