Of The Following Choices Which Best Represents An Economic Want?
To determine which choice represents an economic want, we need to understand what an economic want is. An economic want refers to a desire or a need that can be satisfied through the consumption of goods or services. It involves the utilization of limited resources to fulfill individuals' desires.
Now, let's evaluate the given choices and determine which one best represents an economic want:
1. Food: Food is a necessity for survival, but it also represents an economic want. People have a desire for various types of food, and the production and consumption of food involve economic activities.
2. Water: Similar to food, water is essential for survival. However, the choice between different types of water (e.g., bottled water, filtered water) and the industries involved in water production and distribution make it an economic want as well.
3. Air: Unlike food and water, air is freely available and necessary for survival. Though clean air is desirable and important, individual preferences for air quality do not create the same economic demand as goods or services.
4. Love: Love is a fundamental human emotion and is not considered an economic want. It cannot be acquired through production, consumption, or exchange of goods or services.
Based on this analysis, both food and water best represent economic wants as they involve production, consumption, and satisfy individual desires that can be met through economic activities.