Explain the difference between human needs and wants
What will be an ideal response?
Needs are objectively undefinable. Needs are the essentials of life: food, clothing, water and shelter. They are basics of life you can't live without. Needs are things you have to have, items you can't do without. Wants are things you desire to increase your level of happiness. They are not absolutely necessary. Humans have unlimited wants, and so they cannot have all of them given limited resources.
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Answer the next question on the basis of the following data.OutputTotal Cost0$24133241348454561669The average fixed cost of producing 3 units of output is
A. $6.00. B. $7.40. C. $8.00. D. $5.50.
A budget constraint:
A. is the same across all individuals with the same income constraints. B. is different for each individual with the same income constraints. C. is the same across all individuals with the same tastes and preferences. D. is different for each individual with the same tastes and preferences.
An important part of the market system is that producers and consumers consider the public interest in making production and consumption decisions.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. 
Figure 7.8Refer to Figure 7.8. If the price of capital is $20, then along isocost line AB total cost is
A. $300. B. $1,200. C. $2,400. D. indeterminate from this information, as the price of labor is not given.