Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
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Question
Chapter 1, Problem 12AA
To determine
To Discuss: Whether ‘New Clothes’ is a need or a want.
Expert Solution & Answer
Explanation of Solution
New clothes comes under the condition ‘WANT’ as people wish or desire to have new clothes for good looking and for good personality. Clothes can be a basic need for people but without purchasing new clothes we can survive are needs.
Therefore, New Clothes are WANT.
Economics Concept Introduction
Introduction:
WANT: Want is something people wish to desire or people wish to have. Example:
- Air Conditioner (AC)
- Car
NEED: Need occurs when people consume a particular thing for survival. Example:
- Food
- Shelter
Chapter 1 Solutions
Economics Today and Tomorrow, Student Edition
Ch. 1.1 - Prob. 1RCh. 1.1 - Prob. 2RCh. 1.1 - Prob. 3RCh. 1.1 - Prob. 5RCh. 1.2 - Prob. 1RCh. 1.2 - Prob. 2RCh. 1.2 - Prob. 3RCh. 1.2 - Prob. 4RCh. 1.2 - Prob. 5RCh. 1.3 - Prob. 1R
Ch. 1.3 - Prob. 2RCh. 1.3 - Prob. 3RCh. 1.3 - Prob. 4RCh. 1.3 - Prob. 5RCh. 1 - Prob. 1AACh. 1 - Prob. 2AACh. 1 - Prob. 3AACh. 1 - Prob. 4AACh. 1 - Prob. 5AACh. 1 - Prob. 6AACh. 1 - Prob. 7AACh. 1 - Prob. 8AACh. 1 - Prob. 9AACh. 1 - Prob. 10AACh. 1 - Prob. 11AACh. 1 - Prob. 12AACh. 1 - Prob. 13AACh. 1 - Prob. 14AACh. 1 - Prob. 15AACh. 1 - Prob. 16AACh. 1 - Prob. 17AACh. 1 - Prob. 18AACh. 1 - Prob. 19AACh. 1 - Prob. 20AACh. 1 - Prob. 21AACh. 1 - Prob. 22AACh. 1 - Prob. 23AACh. 1 - Prob. 25AA
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