The basic premise for economics is the idea of scarcity.
Scarcity means that people have unlimited wants and needs while the finite
resources on the earth at any given time is not sufficient to satisfy unlimited
wants. Thus, economics focuses on the finite choice each individual must make
to allocate the resources they have to specific wants and needs.
With this in mind, what is
the difference between a need and a want? What are three (3) areas of your life
do you have the most difficulty distinguishing between a need and a want? Explain
why you think you have such difficulty deciphering your needs versus wants for
each of the three areas you listed.
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