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Exploring Economics 7th Edition

Exploring Economics (7th Edition)

Book Edition7th Edition
PublisherCengage Learning
Section 2.2: IDEA 2: People Engage in Rational Decision Making and Marginal Thinking
In Text Question
Figure Question
Section 2.3: IDEA 3: People Respond Predictably to Changes in Incentives
Section 2.4: IDEA 4: Specialization and Trade Can Make Everyone Better Off
Figure Question
Section 2.5: IDEA 5: Markets Can Improve Economic Efficiency
In Text Question
Section 2.6: IDEA 6: Appropriate Government Policies Can Improve Market Outcomes
In Text Question
Section 2.7: IDEA 7: Government Policies May Help Stabilize the Economy
Section 2.8: IDEA 8: Increasing Productivity Leads to Economic Growth
In Text Question
Chapter 2, Section 2.1, In Text Question, Exercise 01
Page 35

What is the difference between a want and a need?


Needs are things required to live, wants add comfort and pleasure to life. Goods are things you can see or touch, services are activities provided for satisfaction of others. Things you can see and touch, products you can purchase to meet needs and wants.


A need is a state of felt deprivation about something that is deemed to be necessary. When you feel hungry, for instance, your body feels deprived of nutrients and therefore triggers a search for solutions.

Wnats are the specific manifestations of needs.

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