Question

HELP ASAP PLS ANSWER ALL

1. What is the difference between a want and a need? Give one example of each.

2. The supply of shoes dropped. Stores are having a hard time finding enough shoes to sell. What will happen to the price of shoes?
Answer:

3. Collecting shoes suddenly becomes a popular hobby. More people than ever before are buying shoes often. The demand for shoes increased. What will happen to the price of shoes?
Answer:

EXAMPLE FOR 1 & 2 NO THE ANSWER IS NOT A NEED OR WANT
The supply of shoes just increased. Stores have more shoes to sell than ever before. What will happen to the price of shoes?

Answer: The price of shoes will go down, or decrease.

Answer 1

1.) check Explanation

2.) increase

3.) increase

4.) decrease

Step-by-step explanation:

The term need and want are often used in economic parlance to refer to those things that are required by individual. However, there are distinctions between both words;

NEED is often used to describe essential requirements which an individual must possess and are usually required for survival. For example Food and water.

WANT on the other hand describes non-essential requirements which are desired, can raise or better the standard of living if acquired but not required for survival. For example, cars, exotic materials.

2. According to the principle of demand and supply, when supply drops and as such becomes difficult to meet demand requirements, price will increase as the number of available goods is below the demanded number.

3.) When the quantity demanded increases, price also increases.

4.) when supply increases such that the amount supplied exceeds the demanded amount, the price of such product will fall,. Therefore, price of shoes will decrease in this scenario.