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2 years ago

2. Distinguish between economic and non-economic wants.

Business

1 answer:

bulgar [2K]2 years ago

4 0

Answer:

Difference among the economic wants and the non- economic wants is shown below:

Explanation:

Wants is the term which is described as the desires for the things that the person or an individual may or may not actually require or needed.

a. Economic wants

1. Economic wants are those wants which generally known as the desires and are usually satisfied or fulfilled after taking or consuming he service, goods or in other cases leisure.

2. Economic wants is spending money in order to satisfy the want or the desire.

b. Non - economic wants

1. Non- economic wants are those wants which are generally the human needs, that is required or needed to be satisfied without involve the monetary cost or the value.

2. It might involve the water, air.

3. These are those wants that could be fulfilled without spending the money.

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3 years ago

Read 2 more answers

An online bank is offering to pay 0.25 % interest per month on deposits. Your local bank offers to pay 0.75 % interest quarterly

Liono4ka [1.6K]

Both have the same interest rate which is 3%.

<h3>What is interest?</h3>

In finance and economics, interest is the payment of an amount above the repayment of the principal sum by a borrower or deposit-taking financial institution to a lender or depositor at a specific rate by a borrower or depositor.
It differs from a fee that the borrower may pay to the lender or a third party.

To find the higher interest rate:

Given that,

Interest rate per month = 0.25%
Interest rate per quarter = 0.75%

If we calculate the annual interest for monthly and quarterly rates, it will be:

Monthly

No. of months in a year = 12
Monthly rate = 0.25%

So,

Annual Interest = 0.25 × 12
= 3%

Quarterly

No. of quarters in a year = 4
Quarterly rate = 0.75%

So,

Annual Interest = 0.75 × 4
= 3%

Therefore, both have the same interest rate which is 3%.

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11 months ago