________ Are Basic Human Requirements, While ________ Are the Ways

question 63

Multiple Choice

________ are basic human requirements, while ________ are the ways in which those requirements are satisfied.

• A) Wants; needs
• B) Demands; wants
• C) Needs; wants
• D) Needs; demands
• E) Demands; needs

Understand the role of governmental policies in correcting market failures due to externalities.

Describe the difference between positive and negative externalities.

Analyze the effectiveness of different government interventions (taxes, subsidies, regulations) in addressing externalities.

Understand and explain the concept of property rights and their implications for efficient market solutions.