Question

Identify and explain the concept from the given illustration:
a)my father purchased a two wheeler vehicle. This helps to fulfil my travel needs.

Answer 1

Explanation:

A two wheeler vehicle is purchased by his or her father. They have to face problems while travelling and have to pay fare. Now he or she is very relieved because they didnot have to pay fare and did not have to wait to go anywhere.

There problems are solved and they are very happy.

Answer 2

Question:-

My father purchase a two wheeler vehicle. This helps to fulfil my travel needs.

Answer:-

Concept- Individual Want

Explanation-

• In common language, want can be referred to as a need.

• In Economics, want denotes a feeling of 'lack of satisfaction'.

• This is feeling enables the individual to satisfy his want, personal or individual wants refer to those want which are satisfied at the individual level.

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