QUESTION IMAGE
Question
after subsistence levels of food, shelter, and clothing have been provided, economists refer to all other goods and services as multiple choice wants. luxuries. inferior goods. needs.
Brief Explanations
In economics, after basic subsistence - level needs (food, shelter, clothing) are met, other goods and services are considered wants. Needs are essential for survival, luxuries are high - end non - essential goods, and inferior goods have a negative income effect.
Snap & solve any problem in the app
Get step-by-step solutions on Sovi AI
Photo-based solutions with guided steps
Explore more problems and detailed explanations
A. wants