5 Questions
What is the difference between utility and usefulness?
Utility is a psychological concept, while usefulness has no psychological aspect.
What factors affect wants according to the text?
Income, taste, fashion, advertisements, and social norms
What does Total Utility (TU) refer to?
The sum total of utilities derived from the consumption of all units of a commodity at a given time
What are the two important concepts of utility mentioned in the text?
Total utility and marginal utility
What causes wants according to the text?
Physical instincts and psychological instincts
Test your knowledge of the concept of wants in economics. Explore the characteristics and factors influencing wants, and understand the significance of making choices due to limited resources.
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