Economic Foundations – Needs and Wants

Economic Foundations – Needs and Wants

A concise study guide exploring the concepts of needs, wants, and economic decision-making.

This resource provides a clear and accessible explanation of how needs and wants influence economic activity, the role of scarcity, and the choices individuals, businesses, and governments make. It is presented in easy-to-understand language with practical examples.

Key features:

Clear definitions of needs, wants, scarcity, and economic activity

Comparison of needs and wants with examples

Explanation of how scarcity affects choices

Discussion of the impact of needs and wants on individuals, businesses, and governments

Real-life scenarios to apply economic concepts

Includes an accompanying worksheet to reinforce and practise key concepts.