Which of the following is an economic need, rather than a want?
(1 point)
Responses
sugar
sugar
sunglasses
sunglasses
healthcare
healthcare
vacation
healthcare
What is the negative trade-off of taking a job?
(1 point)
Responses
paying sales taxes on purchases
paying sales taxes on purchases
having less time to develop skills
having less time to develop skills
not gaining any experience while working
not gaining any experience while working
working toward earning a raise
having less time to develop skills
How does the limited leisure time of consumers affect their purchasing habits?
(1 point)
Responses
They value leisure time more than buying products.
They value leisure time more than buying products.
They choose the best value of leisure activities and products.
They choose the best value of leisure activities and products.
They seek lower-cost products to increase their leisure time.
They seek lower-cost products to increase their leisure time.
They choose not to spend money on leisure activities and products.
They choose not to spend money on leisure activities and products.
They value leisure time more than buying products.
The economic need, rather than a want, from the given options is healthcare.
To determine which of the options is an economic need rather than a want, we need to understand the difference between the two.
- Wants: Wants are items or services that people desire for their satisfaction or enjoyment, but they are not essential for survival or well-being. They are often influenced by personal preferences, social influences, or cultural factors. Examples of wants include items like sunglasses or a vacation.
- Needs: Needs, on the other hand, are essential for survival and are necessary for maintaining a basic standard of living. They are considered more critical and are required for fulfilling basic human requirements. Examples of needs include items like sugar or healthcare.
By this definition, "sugar" and "healthcare" are economic needs, as they are necessary for maintaining basic health and well-being. "Sunglasses" and "vacation" are wants because they are not essential for basic survival.
Therefore, the economic need among the given options is "healthcare".