Q.4. Answer the following :
(1) Explain the features of wealth.
(2) Explain the characteristics of human wants
Answers
Answer:
Explanation:
1. It refers to those scarce goods which satisfy our wants and which have money value. We may consider anything that has money value as wealth in economics. ... So wealth includes all economic goods. Wealth has been defined as 'stock of goodsexisting at a given time that have money value'.
2.
(2) explain the characteristics of human wants
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What are the features of human wants?
The main characteristics of human wants are as follows:
- Wants are unlimited: Human wants are unlimited in number and there is no end to them. ...
- Wants vary in nature: ...
- Wants differ in intensity: ...
- Wants are repetitive: ...
- Wants are progressive: ...
- Wants are competitive: ...
- Wants are also complementary: ...
- Wants are satiable:
Explanation:
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Answer:
It refers to those scarce goods which satisfy our wants and which have money value. We may consider anything that has money value as wealth in economics. ... So wealth includes all economic goods. ... Wants are unlimited: Human wants are unlimited in number and there is no end to them