Early economists made a distinction between needs and wants. Needs were economists concern; wants were of far

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Early economists made a distinction between needs and wants. Needs were economists’ concern; wants were of far less importance.

a. Is such a distinction useful?

b. Would making such a distinction change the nature of economic analysis?

c. Does the fact that the book makes no distinction between luxuries and necessities other than in their elasticity of demand reflect a bias in economic analysis? (Religious)

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Microeconomics

ISBN: 9781260507140

11th Edition

Authors: David Colander

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Question Posted: Mar 12, 2024 06:02 AM

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Early economists made a distinction between needs and wants. Needs were economists concern; wants were of far

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Microeconomics

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