What is a major similarity between economic wants and economic needs?

A. People usually view both as equally scarce.

B. People try to fulfill both with limited resources.

C. People are always provided both by the government.

D. People must fulfill both in order to survive.

People endeavor to fulfill both economic goals and economic necessities with limited means, which is a major similarity. As a result, option (B) is the proper response.

What is the relationship between economic wants and needs?

In economics, a need is something that people require in order to survive, whereas a want is something that people desire but may or may not be able to attain.

Needs and wants are not always scarce on both ends, it is not necessarily given by the government, they can be attained individually too, and finally, needs are one needed for survival not wants.

Therefore, option b is the right choice regarding economic needs and wants.

To learn more about economic needs and wants, refer below

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What is a major similarity between economic wants and economic needs? A. People usually view both as equally scarce. B. People try to fulfill both with limited resources. C. People are always provided both by the government. D. People must fulfill both in order to survive.

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What is the relationship between economic wants and needs?

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What is a major similarity between economic wants and economic needs?

A. People usually view both as equally scarce.

B. People try to fulfill both with limited resources.

C. People are always provided both by the government.

D. People must fulfill both in order to survive.