Economic Wants and Non-economic Wants.
Distinguish between:
Economic Wants and Non-economic Wants.
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| 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. |
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