Noneconomic elements (one dimension) and intrinsic and extrinsic elements (second dimension) Intrinsic elements come from the product itself (they are the economic and non value concerns what customer wants to have happen Finally value judgement concerns an assessment of the value, it is the assessment of what has happened Wilson and And the wants that can be satisfied with goods and services of any kind are economic wants Like for example food, shelter, clothing, etc are economic human wants And those which cannot be bought are noneconomic wants like peace, love, affection, etc All human wants to have some basic common characteristicsA few things that we want, are not purchased from the market by paying a price Such wants are called noneconomic wants For example, we want air to breathe, rain water for agriculture etc When we want a maid to cook, it is our economic want But if the food is cooked by mother, it becomes noneconomic want INTEXT QUESTIONS 22 1
Microeconomics Explains Why People Can Never Have Enough Of What They Want And How That Influences Policies
