| Abstract: |
The economic problem arises because people want to make their lives better. This is a fundamental part of human nature and has led to many fantastic achievements by the human race as a whole. In economics, instead of saying that people want things, we say that they "have wants". Some wants are more important than others. Needs are the three basic wants that all people everywhere share, and they are food, clothing and shelter. It's only after we have satisfied these wants that we can begin to satisfy other less urgent wants. |
