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 shaped by our knowledge, culture, personality, marketing, and preferences. Unlike needs, wants are
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. Without food, for example, we can die. In the introduction to economics, we will find economists
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 the cognitive, emotional, cultural, and social effects on decisions made by economic
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 markets, and economics. In other words, this study pays greater attention to the monetary side of an
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 activities. On the other hand, we don't always have to fulfill wants because they are less essential. At most,
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, producers, and governments. Sometimes, the government also intervenes through some forms of
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 distribution. In a broader scope, it also discusses the variables that explain and influence the working
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, whether as individuals or groups when faced with scarcity. Before discussing how economics is