Question

define wants in economics?​

Answer 1

Answer:

A want is something that is desired. It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us).

Explanation:

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Answer 2

Answer:

In economics, a want is something that is desired. It is said that every person has unlimited wants, but limited resources (economics is based on the assumption that only limited resources are available to us). Thus, people cannot have everything they want and must look for the most affordable alternatives.

Explanation:

Examples of economic wants:

If you need to spend money to satisfy a want, it is considered an economic want. Desires for such things as sports equipment, cars, haircuts, manicures, jewelry, and furniture are economic wants because people will need to spend money to satisfy them.