Question

In one or two sentences, explain the link between economic wants and preferences.

Answer 1

the deference between the two basically come down to smart decison making. when you make a preference on something you basically are looking what the good comes out of it you are thining about yourself. On the otheer hand with Economic wants even though its something you want you still think about the possible ooutcomes that might come out of it.

Answer 2

Both are smart decision making decisions because when you make a preference on something, you basically are looking what the good comes out of purchasing something specific.  For economic want, it you look for the good outcome as well, but whatever you choose to buy is being bought and going towards the economy.