between needs and wants and the choices that need to be made in times of scarcity. To begin, needs are essential to our survival such as food, shelter, health and education. Wants on the other hand, are the goods and services that make human lives easier, for instance, a car, a new gadget or even travelling. Individuals wants will differ based on personal preferences and the ability to purchase goods and services (income). The resources used to produce these goods and services are limited. Resources…
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