Question

What is the difference between a good that is a need and a good that is a want? Provide one example of each. Describe which type of course is economics?

Answer 1

Step-by-step explanation:

Need is something that's important to one's survival such as air, shelter, food. Want is something an individual desire such as car, phone. Need is more paramount than wants.

Economics helps us to make decisions and understand why certain things are the way they're. Economics helps us to understand what will happen if there's increase in prices of s good. Economics shapes our understanding of the economy.