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ITQ, Ex 02
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Exploring Economics 7th Edition

Exploring Economics (7th Edition)

Book Edition7th Edition
Author(s)Sexton
ISBN9781285859439
PublisherCengage Learning
SubjectEconomics
Section 2.1: IDEA 1: People Face Scarcity and Costly Trade-offs
In Text Question
USE WHAT YOU'VE LEARNED
SECTION QUIZ
SECTION QUIZ 1
Section 2.2: IDEA 2: People Engage in Rational Decision Making and Marginal Thinking
In Text Question
Figure Question
SECTION QUIZ
SECTION QUIZ 1
Section 2.3: IDEA 3: People Respond Predictably to Changes in Incentives
SECTION QUIZ
SECTION QUIZ 1
Section 2.4: IDEA 4: Specialization and Trade Can Make Everyone Better Off
Figure Question
USE WHAT YOU'VE LEARNED
SECTION QUIZ
SECTION QUIZ 1
Section 2.5: IDEA 5: Markets Can Improve Economic Efficiency
In Text Question
SECTION QUIZ
SECTION QUIZ 1
Section 2.6: IDEA 6: Appropriate Government Policies Can Improve Market Outcomes
In Text Question
SECTION QUIZ
SECTION QUIZ 1
Section 2.7: IDEA 7: Government Policies May Help Stabilize the Economy
SECTION QUIZ
SECTION QUIZ 1
Section 2.8: IDEA 8: Increasing Productivity Leads to Economic Growth
In Text Question
SECTION QUIZ
SECTION QUIZ 1
End of Chapter
INTERACTIVE SUMMARY
PROBLEMS
Chapter 2, Section 2.1, In Text Question, Exercise 01
Page 35

What is the difference between a want and a need?

Explanation

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.

Answer

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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Solution by subject matter expert

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Page 35

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