1.2 The nature and purpose of economic activity Flashcards
1
Q
need
A
something that is necessary for human survival eg food: if people starve, they will eventually die
2
Q
want
A
something that is desirable but is not necessary for human survival eg books: some people might think they cannot do without books, but they do not need literature to survive
3
Q
economic welfare
A
the economic welfare of an individual, a group within society, or an economy. satisfying people needs and wants means improving economic welfare. anything which makes a person happier improves their economic welfare.
