Chapter 8: Building Blocks in Economics: The Problem of Choice Class - 9 NCERT BOOK
Chapter 8: Building Blocks in Economics: The Problem of Choice 1. Economics – The word Economics comes from the Greek word Oikonomia. Oikos = Household Nemein = Management Economics is the study of how limited resources are used to satisfy unlimited human wants. Definition:- Economics deals with making the best use of scarce resources to satisfy unlimited needs and wants. 2. Needs and Wants Needs:- Basic necessities required for survival. Food Water Shelter Clothing Healthcare Wants:- Things that improve comfort and lifestyle. Mobile phones Cars Vacations Luxury items Gadgets Difference Needs Wants Essential Non-essential Limited ...