Question

Match the following:
 

List - I (Concepts)	List - II (Explanation)
A. Economic Agents	I. Goods and services that are not necessary for survival but are desired by economic agents.
B. Economic Goods	II. Household, firms and the government.
C. Needs	III. Resources and products that are limited in supply.
D. Wants	IV. Goods and services that are essential for survival.

• A. A-I, B-II, C-III, D-IV
• B. A-II, B-III, C-IV, D-I
• C. A-IV, B-I, C-III, D-II
• D. A-I, B-IV, C-III, D-II

Hint:

Needs are essential for survival, while wants are additional desires.

Answer 1

The Correct Option is B

Concept:
Basic economic concepts help in understanding production, consumption, and allocation of resources.

Step 1:
Economic agents are decision-making units in an economy such as households, firms, and government. \[ A \rightarrow II \]

Step 2:
Economic goods are goods and resources that are scarce or limited in supply. \[ B \rightarrow III \]

Step 3:
Needs are essential goods and services required for survival such as food, clothing, and shelter. \[ C \rightarrow IV \]

Step 4:
Wants are non-essential desires that improve comfort or satisfaction. \[ D \rightarrow I \]

Step 5:
Thus, the correct arrangement is: \[ A-II,\ B-III,\ C-IV,\ D-I \] \[ \boxed{\text{(2) A-II, B-III, C-IV, D-I}} \]