Chapter 1 statistics of economics Who …
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Sia ? 6 years, 4 months ago
Human wants to refer to our desire for goods and services and for which we have the ability to buy. Human wants are unlimited, whereas the means to satisfy these wants are not only limited but have alternate uses also. The Scarcity of resources is one of the main reasons for all economic problems. Since the resources to satisfy our wants are limited, i.e. the supply of these resources are less as compared to their demand, we have to choose the best alternative to which these resources can be put. In other words, we have to decide which wants are to be fulfilled by utilising the given resources for choosing, we can rank the wants according to our priorities. The want which appears high on the priority list and for which we have the ability to pay will be first chosen to be satisfied.
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