Question

What is a major difference between economic wants and economic needs? A.Wants play a larger role in economy than needs. B. Wants can be fulfilled with less capital than needs. C. Wants are less important to survival than needs. D. Want have a greater degree of scarcity than needs.

Answer 1

C. Wants are less important to survival than needs

Step-by-step explanation:

✓In economics, want can be regarded as things( goods/services) that is been desired. Human nature will always has unlimited wants even though there are limited resources.

✓Needs are things that's required for survival, they are necessary things that one needs to function. They could be physical needs such as food, shelter, water.

Wants are less important to survival than needs, For instance, food, water are needs, and one might not be be able to survive without food and water but having a car, latest private jet are wants they are not required before one can survive. When there is no resources to get what we want we can survive but needs are necessity.