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Basic Concepts in Economics — Economics STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsEconomicsBasic Concepts in Economics4 Marks
Question
Human wants change as per the seasons and preferences
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Answer

Yes, I agree with the statement.
  • In the economic sense want means a feeling of ‘lack of satisfaction,
  • This feeling enables the person to satisfy his want.
  • Human wants to differ with seasons.
  • E.g. a person requires woolen clothes in winter and an umbrella in the rainy season.
  • Wants also differ from preferences, i.e. they are influenced by individual habits and tastes.

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