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Basic concepts – Wants

WANTS NEEDS & DESIRES – A distinction may be made between wants, needs and desires. To the extent that they all indicate a state of absence of satisfaction, they are synonymous but they are a shade different from each other.

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Posted in General Economics

Basic Concepts – Introduction

BASIC CONCEPTS Basic concepts need to be understood in order to avoid misunderstanding. Every science uses certain terms which are commonly used in ordinary language. When they are used in scientific discussion, they are assigned specific and scientific meaning. In

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Posted in General Economics