test anwers Flashcards
(3 cards)
1
Q
what is the definition of eco
A
the study of allocation of scarce resources to maximise the satisfaction of consumer needs and wants
2
Q
what is the definition of wants
A
an individuals unlimited desires that they would like to have but are not essential to survival. Wants are unlimited. (both needed)
3
Q
what are two fundamental differences between needs and wants (or even one if you can) ?
A
needs are essential to survival where as wants are not wants are unlimited where as needs are not
