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You have to have a need (e.g. food, shelter) but dont have to have wants, although it would be nice to have them (e.g. playstation/xbox, iPod touch).
What else can I help you with?
What is a link between economic wants and preferences?
A link between economic wants and preferences is always the basic needs that are essential for our daily life. Preferences can be made after defining the economic wants and basic needs of the people involved.
What is the distinction between economic wants and economic needs?
economic wants is something the economy wants as an extra An economic need is something wither a object or servise for the economy to survive! Hope this helps! :)
What is the difference between needs and wants?
Needs are things that are essential for living whereas wants are things want that are not essential.
What is the Difference Between Customer Wants and Needs in a Market?
nothing
What term is used to describe the difference between limited resources and wants and needs?
scarcity
What is a major similarity between economic wants and economic needs?
People try to fulfill both with limited resources.
How does needs and wants impact our economic?
Needs and wants drive consumer behavior, influencing demand for goods and services in the economy. When needs, such as food and shelter, are prioritized, they tend to stabilize economic activity, while fluctuating wants can lead to volatility in markets. Businesses respond to these demands by adjusting production and pricing, which affects employment, investment, and overall economic growth. Ultimately, the balance between fulfilling needs and catering to wants shapes economic policies and resource allocation.
What is a major difference in economic wants and economic needs?
In Economy, a need is something needed to survive while a want is something that people desire to have, that they may, or may not, be able to obtain.
What is the difference between wants and needs in a relationship?
Want: You don't need it to live Need: You need it to live
What is the difference between wants and needs?
"Needs" are the requirements for a viable existence : food, water, shelter. "Wants" may be defined as a desire for goods which are not necessary for survival, but which would provide comfort or pleasure.
Economic products designed to satisfy people's wants and needs are called?
economic system
What is the different between want and wants?
what is the difference between want and wants
