Question: Wants

Answer: Something you want but don’t need

Question: Needs

Answer: Something you need in order to live

Question: Economics

Answer: Economics is the social science that studies economic activity to gain an understanding of the processes that govern the production, distribution and consumption of goods and services in an economy.

Question: Microeconomics

Answer: Microeconomics (from Greek prefix mikro- meaning “small” and economics) is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources (see scarcity).

Question: Macroeconomics

Answer: Macroeconomics (from the Greek prefix makro- meaning “large” and economics) is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies.