Which statement best explains the relationship between economic wants and needs?
(1 point)
Responses.
People do not need to fulfill either their needs or their wants to survive.
People do not need to fulfill either their needs or their wants to survive.
People must fulfill their wants to survive, but they do not need to fulfill their needs to survive.
People must fulfill their wants to survive, but they do not need to fulfill their needs to survive.
People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
People must fulfill both their needs and their wants to survive.
The correct statement is: People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
The correct statement is: People must fulfill their needs to survive, but they do not need to fulfill their wants to survive.
To explain this relationship, we need to understand the difference between needs and wants.
Needs refer to the essential things required for survival and basic well-being, such as food, shelter, clothing, and healthcare. These are necessary for an individual's physical and mental health. Fulfilling needs is crucial for survival because without them, a person's health and well-being would be severely affected.
On the other hand, wants are the desires and preferences that are not necessary for survival, but rather enhance the quality of life. Wants can include things like luxury items, entertainment, or non-essential goods and services. While fulfilling wants can contribute to a person's happiness and satisfaction, they are not fundamental for one's survival.
Therefore, the relationship between economic wants and needs is that fulfilling needs is essential for survival, while wants are optional and can be fulfilled if resources allow.