Multiple Choice
Which factor was most responsible for the growth of trade during the classical period?
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0. Basic Principles of Economics
Introduction to Economics
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following would be considered a want for most people?
A
Clean drinking water
B
Basic shelter
C
Nutritious food
D
A luxury car
Verified step by step guidance1
Step 1: Understand the difference between 'needs' and 'wants' in microeconomics. Needs are essential goods or services required for basic survival, such as food, water, and shelter. Wants are non-essential items that improve quality of life but are not necessary for survival.
Step 2: Identify the items listed: clean drinking water, basic shelter, nutritious food, and a luxury car. Consider which of these are essential for survival and which are additional comforts.
Step 3: Recognize that clean drinking water, basic shelter, and nutritious food are all essential needs because they are necessary for maintaining life and health.
Step 4: Understand that a luxury car is not essential for survival or basic well-being; it is a non-essential good that people desire for comfort, status, or enjoyment, making it a want.
Step 5: Conclude that among the options, the luxury car is classified as a want, while the others are needs.
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