Question

What is a major difference between economic wants and economic needs? A.wants play a larger role in economy than needs. B. Wants can be fulfilled with less capital than needs. C. Wants are less important to survival than needs. D. Want have a greater degree of scarcity than needs.

Answer 1

Answer:

C. Wants are less important to survival than needs.

Explanation:

Economic wants are those desires that can be met by purchasing/consuming a good, service, or activity.

Economic needs are those things that one cannot do without and they can be physical needs such as food, water, clothing.

Wants can actually fulfill some needs and they are less important than needs because if resources are unavailable to purchase, a person can survive without it, but needs are more important to survival.