Why do economists prefer to speak of demands arising out of wants rather than needs?

Question:

Why do economists prefer to speak of demands arising out of "wants" rather than "needs"?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

See More Books

Question Posted: Dec 12, 2015 04:27 AM

See More Questions

What are corrective taxes? Why do economists prefer them to regulations as a way to protect the environment from pollution?
Why do economists make assumptions?
Economists prefer to compare Real GDP figures for different years instead of comparing GDP figures. Why?
Calculate the following limits at infinity. If necessary, use -inf and inf to denote -co and co. Use DNE if a limit does not exist. 1. lim e = 818 2. lim e = 8178 3. lim In(x) 24x In(x) =
What is the required sample size for determining the proportion of defective items in a production process if the proportion is to be known to within 0.05 with 90% confidence? No guess as to the...
Refrigerant R-134a enters the compressor of an ideal vapor-compression refrigeration system as saturated vapor at -10oC and leaves the condenser as saturated liquid at 35oC. For a cooling capacity of...
Briefly describe how development moves from conceptual modeling to logical and physical designs. Provide one example for a non-IS product and one for an IS product.
Owen Company makes a product that sells for $61 per unit. The company pays $37 per unit for the variable costs of the product and incurs annual fixed costs of $360,000. Owen expects to sell 20,000...
5. A diesel-driven centrifugal fire pump is rated at 1200 gpm at 100 psi with a churn pressure of 145 psig. Static city pressure varies between 60 and 70 psig. Determine if a relief valve is...
A spherical, stainless steel (AISI 302) canister is used to store reacting chemicals that provide for a uniform heat flux q i to its inner surface. The canister is suddenly submerged in a liquid bath...
What are the respective price elasticities of supply at A and B on the supply curve shown in the accompanying figure? (LOS)
Explain why economists consider the concept of utility useful, even if psychologists cannot measure it precisely.
A mechanical assembly used in an automobile engine contains four major components. The weights of the components are independent and normally distributed with the following means and standard...
On December 31, 2015, Sterling Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par,...
Warren Co. purchased a put option on Echo ordinary shares on January 7, 2015, for $$360$. The put option is for 400 shares, and the strike price is $$85$ (which equals the price of an Echo share...
Strickland Company owes $$200$,000 plus $$18$,000 of accrued interest to Moran State Bank. The debt is a 10-year, 10% note. During 2015, Stricklands business deteriorated due to a faltering...
On June 30, 2007, Mendenhal Company issued 8% bonds with a par value of 600,000 due in 20 years. They were issued at 82.8414 to yield 10% and were callable at 104 at any date after June 30, 2015....
Celine Dion Corporation purchases a patent from Salmon Company on January 1, 2015, for $54,000. The patent has a remaining legal life of 16 years. Celine Dion feels the patent will be useful for 10...
Use the shell method to find the volumes of the solids generated by revolving the regions bounded by the curves and lines about the y-axis. y = 2 - x 2 , y = x 2 , x = 0
A bubble-point liquid feed is to be distilled as shown in Figure. Use the Edmister group method to estimate the mole-fraction compositions of the distillate and bottoms. Assume initial overhead and...
What happens in a city with too many hair stylists and too few aerobics instructors?
Does owning ones own land make a difference?
Should Pudge Buffet stay in the farming business?
Ned needs to produce more of his two products in order to increase his net income and has found a way to increase the limited resource, machine hours. He has two products, hammers and screwdrivers.....
What effect does an antagonist drug have over the receptors ?
Read this article on the differences and Comparisons between UNIX and LINUX http://www.diffen.com/difference/Linux_vs_Unix, then do some research and post your thoughts on each of the systems. Based...

Why do economists prefer to speak of demands arising out of wants rather than needs?

Question:

Step by Step Answer:

To say that someone needs a good is to suggest t...View the full answer

Principles of Economics

Students also viewed these Economics questions