Question

Identify and explain​

Answer 1

Answer:

1.Individual Wants and Collective Wants:

Personal or individual wants refer to those wants which are only demanded by a single person or an individual. For example, Sachin wants a cricket bat, Baichug Bhutia wants a football, Leander Paes wants tennis-racket etc. These are the personal wants.

2.the part of economics concerned with single factors and the effects of individual decisions

3.an increase in the amount of goods and services produced per head of the population over a period of time.

4.an economy of or reduction in money, time, or another resource.

5.wealth in the form of money or other assets owned by a person or organization or available for a purpose such as starting a company or investing.

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