From the economist’s point of view the term needs is objectively indefinable." Your instructor disagrees. The fact that we talk about poverty and unemployment rates in economics would contradict Miller's statement. Food, shelter and clothing are considered basic needs. But what is needed to live in Southeastern Michigan in the 21st Century? For example, would you consider a car to be a necessity?

From the economist’s point of view the term needs is objectively indefinable." Your instructor disagrees. The fact that we talk about poverty and unemployment rates in economics would contradict Miller's statement. Food, shelter and clothing are considered basic needs. But what is needed to live in Southeastern Michigan in the 21st Century? For example, would you consider a car to be a necessity?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter20: Growth And Less Developed Countries

Section: Chapter Questions

Problem 4SQ

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