ECONOMICS

Difference between need and want

Full form of UNDP is

A rational person does not act unless the action is ethical.

मांग के नियम के कितने उपवाद हैं?

• 4

• 3

• 1

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Why is literacy rate low in females?

• lack of equal education opportunities

• lack of transport facilities

• lack of income

• lack of infrastructure

What is a need?

• An example of need is Macbook.

• Need is something that you desire and wish to have.

• Need is something that isn't essential for survival.

• Need is something that is required for survival.

Positive statements are

• statements of prescription that involve value judgments.

• statements of description that can be tested.

• macroeconomic.

• microeconomic.

Economics is the study of

• how to reduce our wants until we are satisfied.

• how to avoid having to make trade-offs.

• how society manages its unlimited resources.

• how to fully satisfy our unlimited wants.

As the price of a good rises in a market, it acts as a signal:

• to consumer that they should increase their demand for the good.

• consumers that they should buy a greater quantity of the good.

• to producers that they should supply a greater quantity of the good.

• to producers that they should increase their supply of the good.

Scarcity can best be defined as

• A Shortage of a product

• Where demand is greater than supply

• Unlimited wants vs Limited resources

• Limited wants vs unlimited resources