Explain the following as used in satisfaction of human wants.
-Utility
-Producer goods
-Scarcity and choice
-Scale of preference


Answer:

Utility- this is the ability of a good or a service to satisfy human wants.
Producer goods-These are goods used to produce other goods.
Scarcity and choice-resources are few but human wants are many so
consumers must choose the most important.
Scale of preference- list of wants in order of their importance.


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