1.- economically, a "need" is something

that expresses a want.

that cannot be measured

is expressed in monetary units

that is required to sustain life

2.

economically, a "want" is something

that cannot be measured

that expresses a "need"

expressed in monetary units

that is required to sustain life

3.

since people must decide whether or not to make or purchase certain goods/services.

needs are limited

consumers are loyal

resources are scarce

people do not know what they want