In economics, all the items that people would consume if they had unlimited income are known as
A) wants.
B) aggregates.
C) outputs.
D) needs.

Question

Quizplus · Accepted Answer

Wants refer to all the goods and services that people would like to consume even if they cannot afford them. Needs usually refer to the essential goods and services required for survival, such as food, water, and shelter. Outputs refer to the products and services produced by businesses and the economy. Aggregates usually refer to the total amount of goods or services produced or consumed in a given economy. Therefore, wants are the best choice for this question.

In Economics, All the Items That People Would Consume If