Explain the difference between human needs and wants
What will be an ideal response?
Needs are objectively undefinable. Needs are the essentials of life: food, clothing, water and shelter. They are basics of life you can't live without. Needs are things you have to have, items you can't do without. Wants are things you desire to increase your level of happiness. They are not absolutely necessary. Humans have unlimited wants, and so they cannot have all of them given limited resources.
You might also like to view...
When interest rates fall in the United States (with the price level fixed), the value of the dollar ________, domestic goods become ________ expensive, and net exports ________
A) falls; less; fall B) falls; less; rise C) falls; more; fall D) rises; less; fall
Which of the following statements is false?
A) Private equity firms often need to borrow the money needed to buy a public corporation. B) Once a private equity firm owns a formerly publicly held corporation, they tend to cut costs and enhance efficiency. C) Critics of private equity firms say that companies that have too much cash and too little debt become targets for private equity firms to buy. D) A private equity firm is a group of investors that takes a privately held corporation and uses an investment banker to turn it into a publicly held corporation.