Earning money is necessary because money is required to purchase goods
and services. An individual feels the want of several goods and services. Want is
the desire to get anything. Want arises from this desire. However want is felt
for those goods and services from which utility can be obtained from their
consumption. Only those commodities which have the power of satisfying wants
are said to possess utility. An individual will be willing to spend money on those
commodities which possess utility. Nobody will be willing to spend money on
any commodity which is of no use, that is, which cannot satisfy any want.
Answers
Answer:
Earning money is necessary because money is required to purchase goods
and services. An individual feels the want of several goods and services. Want is
the desire to get anything. Want arises from this desire. However want is felt
for those goods and services from which utility can be obtained from their
consumption. Only those commodities which have the power of satisfying wants
are said to possess utility. An individual will be willing to spend money on those
commodities which possess utility. Nobody will be willing to spend money on
any commodity which is of no use, that is, which cannot satisfy any want.
Answer:
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