Mention the classifications of wants.
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Wants can be classified into economic and non-economics wants.
Economics wants refer to the goods that can be brought with money.
Non-economic goods refer to the goods which cannot be brought with money such as a love from a person, care from family members, etc.
Individual and collective wants is another part of classification of wants. individual wants is wanting to have chocolate for yourself, collective wants refer to the roads and schools.
Necessity, comfort and luxury is another classification. necessary wants are for food, clothing,shelter etc.
Comfort is having a demand for AC, fan etc, luxury is having a demand for swimming pool, luxury watches etc.
Economics wants refer to the goods that can be brought with money.
Non-economic goods refer to the goods which cannot be brought with money such as a love from a person, care from family members, etc.
Individual and collective wants is another part of classification of wants. individual wants is wanting to have chocolate for yourself, collective wants refer to the roads and schools.
Necessity, comfort and luxury is another classification. necessary wants are for food, clothing,shelter etc.
Comfort is having a demand for AC, fan etc, luxury is having a demand for swimming pool, luxury watches etc.
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Explanation:
Wants can be classified into economic and non-economics wants.
Economics wants refer to the goods that can be brought with money.
Non-economic goods refer to the goods which cannot be brought with money such as a love from a person, care from family members, etc.
Individual and collective wants is another part of classification of wants. individual wants is wanting to have chocolate for yourself, collective wants refer to the roads and schools.
Necessity, comfort and luxury is another classification. necessary wants are for food, clothing,shelter etc.
Comfort is having a demand for AC, fan etc, luxury is having a demand for swimming pool, luxury watches etc.
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