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the very starting point of economic activities is the existence of
wants. everybody always wants or needs something. we need to eat food,
drink water, shelter, clothing and a lot of other things to keep us happy. all
these needs are called wants in economic science. some people have more
wants then others, but there is nobody who has no wants at all. where wants
exist, people naturally try to satisfy their wants and it is a fact of life that the
means of satisfying wants are limited. nobody has everything he desires,
because goods are scarɫe in relation to their demand. as goods become
scarce people try to store them and we begin to use such terms as “price”,
“value”, etc.
