Economics Today and Tomorrow, Student Edition
Economics Today and Tomorrow, Student Edition
1st Edition
ISBN: 9780078747663
Author: McGraw-Hill
Publisher: Glencoe/McGraw-Hill School Pub Co
Expert Solution & Answer
Book Icon
Chapter 1.1, Problem 2R
Solution

To Identify:Whether food, car, yearly physical exam and cell phone would be regarded as a want or need along with the reasons.

Want- want is something that people desire to have.

Need- need is something that people consume for living or survival.

    Choices Want or Need Reason
    Food Food is a need Food is an essential part of life and without food we can’t survive. Therefore, it’s a need.
    Car Car is a want In today’s life, car is a want and most of the people can’t afford it.
    Yearly physical exam Yearly physical exam is a need Exams are the main part of life and for our better future.
    Cell phone Cell phone is a want cell phone can be count as want but we can survive without using cell phone.

Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:9780190931919
Author:NEWNAN
Publisher:Oxford University Press
Text book image
Principles of Economics (12th Edition)
Economics
ISBN:9780134078779
Author:Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:PEARSON
Text book image
Engineering Economy (17th Edition)
Economics
ISBN:9780134870069
Author:William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:PEARSON
Text book image
Principles of Economics (MindTap Course List)
Economics
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Text book image
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Text book image
Managerial Economics & Business Strategy (Mcgraw-...
Economics
ISBN:9781259290619
Author:Michael Baye, Jeff Prince
Publisher:McGraw-Hill Education