Why are human wants unlimited?

Human wants become unlimited because he finds new ways of making life comfortable and enjoyable. So it is a never ending process. But he has limited resources in relation to unlimited wants; as a result all wants together are insatiable. Man always tries to satisfy as many wants as possible.

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Who is the father of economics?

Adam Smith The field began with the observations of the earliest economists, such as Adam Smith, the Scottish philosopher popularly credited with being the father of economics-although scholars were making economic observations long before Smith authored The Wealth of Nations in 1776. Correspondingly, which product is most likely inelastic demand? The most common goods with inelastic demand are utilities, prescription drugs, and tobacco products. In general, necessities and medical treatments tend to be inelastic, while luxury goods tend to be the most elastic. Another typical example is salt.

Why do prices go up when demand goes up?

When there is more demand, prices will go up because many people want to buy the same item but there is not enough supply for it. When demands for new goods and services go up, new markets come into being. The greater the demand, the faster this happens. When we say demand increases we mean that there is a? Bookmark When we say demand increases, we mean that. Change in the demand is caused by the change in the factors other than the change in the price of that commodity and change in demand shifts the demand curve. Therefore, with an increase in demand, the demand curve will shift to the right.

Keeping this in consideration, what does engel's law suggest?

Engel's Law is an economic theory introduced in 1857 by Ernst Engel, a German statistician, stating that the percentage of income allocated for food purchases decreases as income rises. What does Engel curve indicate? A good's Engel curve reflects its income elasticity and indicates whether the good is an inferior, normal, or luxury good.