Question

What is a major difference between economic wants and economic needs? A- needs have a greater degree of scarcity than wants B- Needs are more important to survival than wants C- needs play a greater role in the economy then wants D- needs require more labor to satisfy than wants

Answer 1

Answer:

B because Needs are things that are essential to life but wants are just extra.

Explanation:

For example food and water is needed for life but a want would be to have the latest I phone

Answer 2

A major difference between economic wants and economic needs is: B- Needs are more important to survival than wants.

Economic wants can be defined as the goods and services that are desired by consumers but are not important for their survival. Some examples of economic wants are mobile phone, automobile cars, computer, clothes, television, furniture, etc.

Economic needs can be defined as the goods and services that are required by the people or consumers for their daily survival. Some examples of economic needs are: shelter, food, water, land, air, etc.

In conclusion, economic wants are less important because they are just our different desires in life but economic needs are very important and significant for the daily survival of humans because they are the basics of life.

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