Question

Distinguish between economic and non-economic wants.

Answer 1

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Here is your answer...............................

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Economic Wants:-

==> Economic wants are normally referred to as the desires which are normally satisfied after taking goods, service or in other cases leisure while on the other hand.

==> Economic, i.e. to earn money.

==> Measured in monetary terms.

==> Adds value to national income.

Non economic wants:-

==> Non economic wants are  normally human needs which need to be satisfied without involving monetary value or cost.

==> Non-economic wants may include  air or water.

==> Lacks money measurement.

==> Does not affects national income.

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