Question

What do we need in order to satisfy human wants?

Answer 1

Explanation:

All the desires and aspirations and motives of humans are known as human wants in economics. And the wants that can be satisfied with goods and services of any kind are economic wants. Like for example food, shelter, clothing, etc are economic human wants.

Answer 2

Following are the important elements of wants:

(i) There must be desire for a commodity.

(ii) For fulfillment of desire there should be means or ability to purchase.

(iii) There must be willingness to purchase the article.

Explanation:

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