Question

Economists are concerned with an individual's wants because 1. wants always lead to shortages in the economy. 2. needs because economists define needs to be the goods people need to survive. 3. wants because the existence of wants leads to scarcity. 4. needs because needs are most important to an individual's well being.

Answer 1

Economists are concerned with an individual's wants because wants because the existence of wants leads to scarcity.

Explanation:

Wants are the wishes of the human beings. It is the desire that is to be achieved by human beings. Every individual wants something in life for the survival. The wants of human beings has led to the technology advancements and discovery of many new things.

Wants are never ending things in human life. When something is achieved and there arises another want to be achieved again. This is to live better and this betterment will be never ending one, hence, economists view wants of individuals to lead to scarcity.