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Needs and wants
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The things that people can't
survive
without are called
needs.
Things that people would like to have, but don't have to
have
, are called
wants.
Needs and wants affect communities in the way they
work
,
where
they
work
, what they
buy
or
sell
, and
where
they
buy
The first two most important needs are
physical
needs and
security
needs. These are the
basic
or
primary
needs.
Secondary needs are needs on which our
survival
does not
depend, and are considered to be
wants.
We have limited resources, which means we don't have
enough
resources
to give us
everything
we
need.
The economic problem asks the question: how can an
economy's
limited
resources
satisfy people's
unlimited
needs
and
wants
?
The most valuable resources of any economy are
natural
resources
of
labour
and
capital.
In economics, a country's natural resources of labour,
capital, land and entrepreneurship are called the
factors
of
production.
In economics, a country's natural resources of labour,
capital, land and entrepreneurship are called the
factors
of
production.