Question

in the following questions, you will learn about economics. economics is the study of decisions people make to meet needs and wants. needs are things that you must have to live or stay healthy and safe. wants are things that you would like to have. below are some decisions that gabby has made today. each one is meant to satisfy a need or a want. sort the decisions. gabby cancels plans for next week so she can go on a vacation. gabby goes to work so she can make money to pay for her house. gabby eats breakfast so she has energy for the day. gabby watches an episode of her favorite tv show. satisfy a need satisfy a want

Explanation:

• Satisfy a need: Eating breakfast gives energy for the day (a basic requirement for daily function). Paying for a house (a shelter which is a need for living safely).
• Satisfy a want: Going on a vacation (a leisure activity, not a must - have for survival). Watching a favorite TV show (a form of entertainment, not a necessity for life or health).

Answer:

• Satisfy a need: Gabby eats breakfast so she has energy for the day; Gabby goes to work so she can make money to pay for her house.
• Satisfy a want: Gabby cancels plans for next week so she can go on a vacation; Gabby watches an episode of her favorite TV show.