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people must make choices to satisfy their needs and wants

The term applies to all socioeconomic groups. Understanding Needs vs. But i am sure you take baths with the best soaps. Favorite Answer. Every income group’s resources are finite. A service is an action or activity done for others for a fee. - the answers to estudyassistant.com 5) Economics - examines how people use their scarce RESOURCES to satisfy their unlimited wants. The principle of scarcity states that limited goods and services are available to meet unlimited wants. Put simply; our wants … They're indispensable. FunTrivia.com. Get your answers by asking now. It examines the laws of production, distribution and consumption. these are fun- you have any more?? In the above image, the baby needs milk but it WANTS candy :) • economics: the study of how people seek to satisfy their needs and wants by making choices • shortage: a situation in which consumers want more of a good or service than producers are willing to make available at particular prices • entrepreneur: a person who decides how to combine resources to create goods and services Study Guides Infographics. What do you want for dinner tonight? You can argue that everything else is not imperative, but this is where the lines start to blur. a. influence the IRS to impose tax relief measures. Used by businesses and consumers 4. However, the same happens with middle-income and upper-income groups. … Needs are things individuals must have in order to sustain life, such as food, clothes or shelter ... skills, knowledge, income and family) to first satisfy their needs then, if they have means left over, to satisfy their wants. Wants . TRUE. Chapter 1 Section 1 1. Econ. — What are goods and services? You need a place to live, clothes to wear, and enough food and water to maintain your health—these are the elemental things that you need to survive. axesenzon. Answer: 2 📌📌📌 question Economics is the study of the choices people make in an effort to satisfy their needs and wants. We make choices every day. Limited goods and services force people to make choices to satisfy needs and wants. 0 0. When scarcity happens, many economic decisions must be made to efficiently allocate resources. Capital is a money that humans use to develop their business. Who gets what and how much? US is the largest producer of goods and services in the world. However, unlimited want is a feature of every human. • Macroeconomics - Examines the behavior of entire economies. True: Which is a want that government CANNOT satisfy? Identifying customer needs involves researching your industry and asking your customers lots of specific questions. by Subject ; Expert Tutors Contributing. Services – activities that are consumed at the same time they are produced, intangible (no physical characteristics). Answer Save. Transportation is a need … Answer to People must make choices to satisfy their needs and wants because ... Study Resources. Ask Question + 100. Lauren Wheeley, the owner of The Perfect Little Wedding Company, explains the importance of gathering in-depth details from your customers through regular communication, and being sure you can deliver on their individual needs. Goods – can be seen and touched (physical) 2. Main Menu; by School; by Textbook; by Literature Title. Join. Some needs are easier to nail down. D) all of these answers are correct. Capital is also known as money or property that used in a business. Wants are not basic requirements and these are not essential for human survival, but there exists a relation between needs and wants. (pg. 5. Needs are based on physiological, personal, or socio-economic requirements necessary for you to function and live. Category: Sociology . (People work and earn money and buy the things they want) Economic Choices Economics is about making choices. On the part of the seller, the trade-offs are guided by company polices and objectives. Join Yahoo Answers and get 100 points today. — What are needs? Basis of Economics. b. the examination of the organization and operation of governments. — What are wants? Vocabulary of Instruction needs wants … A scarcity is created when people have unlimited wants, or needs, but their resources are limited. Marks: 1. Please select the best answer from the choices provided T F 3. Wants are not permanent and can change depending on the time, people and location. Economics is the study of the choices people make in an effort to satisfy their needs and wants. Their resources always fall short of their competing needs. Economics is a social science which study how human being make choice to use scarce or limited resources to satisfies their unlimited choices. Well, poverty sucks, and though it cannot be said that an economic system is capable of making people happy, it cannot be denied that economic success can contribute to happiness. — What are consequences of wanting more than you can have? Just as an individual, a society must also make choices as it faces scarcity. — Why do people have to make choices when they want something? The reason is a very simple one. — How do the goods and services we need affect our choices? In economic terms, a good is a physical object that can be purchased. Companies c. both choices d. production increases question 17 of humans themselves an exchange only the... 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