Economics Wants and Needs

Economic Starting Points: Wants and Needs Look at the tag on your shirt or the label on your backpack. You make choices About the clothes you buy and the music you download. When you buy snacks from the vending machine, you choose a product based on cost, taste, brand recognition, and supply. Guess what? You’ve just made business decisions. New products, higher prices, and the supply of products affect your family, friends, and you. …

…of your wants for things that you can not see or touch. Many services such as cutting hair or teaching guitar lessons are provided for fee. Not all business activities satisfy wants. People want things that can not be valued in terms of money. For example, individuals want love and respect. In business context wants are not about these intangible kinds of desires. Businesses please those wants that can be satisfied by goods and services.