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
Wants
Economic Problems: 3 Basic Questions For An Economic System To Answer
What's it: Economic problems arise because we face scarcity. Our resources are limited to satisfy our unlimited wants and needs. Economics
Scarcity in Economics: Its Relation to Resources, Needs, and Wants
What's it: Scarcity is a finite state, so it cannot fulfill something. In the introduction to economics, scarcity represents a condition in