Unit 4 Assessment - Unlimited Desires and limited Resources Explain: How unlimited desires & limited resources...

Unit 4 Assessment - Unlimited Desires and limited Resources

Explain: How unlimited desires & limited resources combine to create the need for economic analysis

Evaluation Title: Unlimited Desires and Limited Resources

In a Microsoft Word document, complete the following.

In this assignment, you will be writing an essay explaining how unlimited desires and limited resources combine to create the need for economic analysis.

Two of the most fundamental concepts in microeconomics are the assumptions that people have unlimited wants, and that resources to satisfy those wants are limited. Please write an essay that answers the following questions:

What does it mean for individuals to have unlimited wants?

Why can’t individuals have everything they want?

How do unlimited wants and limited resources lead to individual choice in microeconomics?

A good essay would have at least 100 words for each part of this assignment (at least 300 words total). In addition, it should be written well using correct grammar. Please use APA formatting – if applicable.

Solutions

Expert Solution

All desires,tastes and motives of human being are called wants in economics.wants may arise due to elementary and psychological causes.the wants for food,clothing and housing are elementary.wants may a raise due to social causes on bases of perfering and required to have a particular type of dress and food,wants can also due to customs and habits like drinking tea etc.basically wants arise due to advertisement.wants have become unlimited and also complex.every individual have their own bundle of desires.there is no limit to human wants.even a richest man will have a list of wants to be fulfilled.when we see in the case of individual every individual have their own perference and perception about their own wants basic unlimited wants are

▪necessaries-it is essential for living such as food..clothing and shelther

▪comforts-based on goods and services only for the purpose of happy living like tv, sofa etc.

▪luxuries-it is based on status level like preference of diamond jewels etc.

B)wants in general are unlimited but a single or particular want is satiable.wants are for every one like they will choose the preference things based upon their level of idea.if they are able to safisty their wants then they can.

C)ofcourse wants are always unlimited.individuals tries to safisty most of their wants through ecnomic activity.since the resources are limited,he has to choose between urgent wants and not so urgent wants.unlimited wants basically trigger based on satisfing repeatedly by a commodity, then it becokss a habit.example drinking coffe etc.

Unlimited wants can also be alternative like satisfying by two or more goods or by two or more methods.A wants to prefer either tea or coffee or they wish to go by bus or by train or taxi to reach the destination.

Rahul Sunny answered 4 months ago

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