On the relativity of the concepts of needs, wants, scarcity and opportunity cost
Ernest Raiklin
(University of Northern Iowa, Cedar Falls, Iowa, USA)
Bülent Uyar
(University of Northern Iowa, Cedar Falls, Iowa, USA)
4970
Abstract
Starts from the premiss that the concept of scarcity is the cornerstone of economics. Discusses concepts of needs and wants. Reviews some views on the differences between needs and wants, the reasons for these differences and their scarcity and opportunity cost.
Keywords
Citation
Raiklin, E. and Uyar, B. (1996), "On the relativity of the concepts of needs, wants, scarcity and opportunity cost", International Journal of Social Economics, Vol. 23 No. 7, pp. 49-56. https://doi.org/10.1108/03068299610122416
Publisher
:MCB UP Ltd
Copyright © 1996, MCB UP Limited