which of the following is an example of an economic want?
access to healthcare
the newest version of the i-phone
food to eat
a place to live
All four options can be considered economic wants. However, if you have to select only one option, "the newest version of the iPhone" would be the most appropriate example of an economic want. This is because the desire for the newest iPhone is driven by consumer demand for the latest and most advanced technology, which often goes beyond basic necessity.
All of the options you listed can be considered economic wants. Economic wants refer to the desires and preferences of individuals that can be fulfilled through economic resources. In this case:
1. Access to healthcare is an economic want because it involves the desire for medical services and facilities, which require resources to be provided.
2. The newest version of the iPhone is also an economic want as it represents a desire for a specific technological product that can be acquired through economic means.
3. Food to eat is an economic want as it involves the need for sustenance and nutrition, which requires economic resources to produce, distribute, and purchase.
4. A place to live is an economic want because it pertains to the desire for shelter and housing, which typically entails economic resources for construction or rent.
Therefore, all four options can be considered examples of economic wants.
An economic want refers to the desire for goods or services that are not necessary for survival but add value and enhance our quality of life. Out of the options provided, the newest version of the iPhone is the example of an economic want.
To determine this, we need to understand that economic wants are subjective and vary from person to person, depending on individual preferences and needs. Access to healthcare, food to eat, and a place to live are essential necessities required for human survival and well-being, known as economic needs. On the other hand, the newest version of the iPhone is not necessary for survival but represents a desire for the latest technology and an enhanced user experience. Consequently, it qualifies as an economic want.