What's it: Wants are hopes to have or fulfill something. If we want something, we expect to be able to buy it and have it. It's a felt need
Economics
Needs: Definition, Example, Type
What's it: Needs means requiring something because it is essential. For example, we need food, water, and shelter to sustain our survival.
Behavioral Economics: Importance, Examples of Concepts
What's it: Behavioral economics is a branch of economics on how psychological factors influence and explain economic decision making. It studies
Financial Economics: Meaning, Concepts and Topics
What's it: Financial economics is one of the branches of economics that focuses on money. It is the intersection between financial studies, financial
What is the Difference Between Needs and Wants?
The difference between needs and wants lies primarily in how essential they are to our survival. We must meet the needs to support daily
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Microeconomics: Meaning, Key Topics, Assumptions
Microeconomics is an economics branch that studies the behavior and interactions of individual economic actors. Economic actors consist of consumers,
Economics: Key Concepts and Its Importance
Economics is a social science about the allocation of scarce resources to meet unlimited human needs. It discusses production, consumption, and
Why is economics a social science?
Paul Samuelson, an economist, said, "economics is the queen of the social sciences." It reveals various aspects of human behavior and interaction,