Wants
A) is another term for needs.
B) refer to services while needs refer to goods.
C) is the term used by economists instead of needs because needs are not objectively definable.
D) are used by economists and refer to the same thing as needs when used by psychologists.

Question

Quizplus · Accepted Answer

Economists use the term wants instead of needs because needs are not objectively definable. Wants are subjective and can vary from person to person, making them difficult to measure objectively. Therefore, economists use wants to refer to the desires or preferences of consumers.