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