Question

3. Identify and explain the concepts from the given
illustrations :
1) My father purchased a two wheeler vehicle. This
helps to fulfil my travel needs.​

Answer 1

Answer:

According to the question, the stated statement describe that some one's father has bought a two-wheel motor vehicle, which he or she have been asking for from a long period and that wastes a lot of time.

Explanation:

After the vehicle had been bought by his father, he seems to be quiet relived as his traveling time shall get shortened up and become more comfortable than previous.

Answer 2

The father had limited resource in terms of money and he had to make a choice & hence he had decided to buy a two-wheeler that would take care of his son's/daughter's travel needs. This is an individual want of the person

Explanation:

• Wants is one of the "basic concepts" of "Micro Economics". In other words it refers to as "needs"
• Individuals have a number of desires. However, the crucial factor is making a choice with limited resources.
• It assists in reducing the "levels of scarcity". Nevertheless, it is not possible to completely remove scarcity since people have unlimited wants.
• However, by making the "right choice" it has helped the individual to fulfill his/her basic need of travel. This has facilitated in satisfying that individual wants (means to fulfilling our needs) of travelling with the father purchasing the two-wheeler with his limited resources.

To know more

Human needs and wants are neither uniform in all parts of the world ...

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