Question on: SS1 Economics - Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost
Which of the following best defines wants?
View related lesson
A
The desires or needs of individuals for goods and services that can satisfy their needs or make them happier.
B
The unlimited resources available to individuals to satisfy their needs.
C
The prioritized list of wants or needs that an individual has.
D
The act of selecting one option from several available alternatives.
Ask EduPadi AI for a detailed answer
Correct Option: A
The best definition of wants is:
- A. The desires or needs of individuals for goods and services that can satisfy their needs or make them happier.
Wants represent the goods and services people desire, which provide satisfaction or pleasure. The other options are not definitions of wants:
- B. Describes resources, not wants.
- C. Describes a prioritized list, but doesn't define wants themselves.
- D. Defines the act of choosing, not the wants themselves.
Add your answer
Please share this, thanks!
No responses