There is no difference between individual wants and collective wants.
State with reasons whether you agree or disagree with the following statement:
There is no difference between individual wants and collective wants.
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No, I do not agree with the statement.
- Individual wants refer to those wants which are satisfied at the individual level. While collective wants are those wants that are satisfied at the general level or macro level.
- A doctor using a stethoscope is an example of individual wants while people travelling by train or bus is an example of collective want.
- Thus, there is a difference between individual wants and collective wants.
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