This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
ScanSolve AI Answer
QUESTION 1 C. Laptop, camera, mobile Explanation: In economics, wants are desires that are not essential for survival but improve the quality of life. Laptop, camera, and mobile phones are not fundamental for survival, making them wants. QUESTION 2 B. Clothes, food, House Explanation: Needs are essential for human survival. Clothes (for protection), food (for sustenance), and a house (for shelter) are all basic human needs. QUESTION 3 D. Wants vary between person, time and place Explanation: The example shows that the boy's want (toy car) is different from his father's want (taxi). This illustrates that wants are subjective and differ from one person to another. Send me the next one 📸