identify and explain
my father purchase a two wheeler vehicle this help to fulfill my travel needs
Answers
Answer:
Individual wants
Explanation:
1. Wants is one of the basic concepts of Micro Economics.In other words it refers to as needs
2. In economics wants denotes a lack of satisfaction.
3. Wants are not only recurring but they are unlimited too. More than one want can arrise at the same time
4.thus all wants cannot be satisfied
Answer:
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.
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