Economic Wants and Non-economic Wants.

Question

Distinguish between:

Economic Wants and Non-economic Wants.

Answer 1

Economic Wants	Non-economic Wants
(i) Economic wants are those wants for which price has to be paid.	(i) Non-economic wants are those wants that can be satisfied without paying price.
(ii) Eg. a dress, a book, medicine, etc. satisfy economic wants.	(ii) Eg. rain, air, sun rays, etc. satisfy noneconomic wants.
(iii) It is necessary to make monetary payments for them due to scarcity.	(iii) Monetary payment is not necessary, as they are available in plenty.