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Why do you think people's wants keep changing over time? How does this affect production in an economy? Why cannot all our wants be satisfied?
Concept
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Wants keep changing because once one want is met, people start wanting something better.
- Example - A person with a bicycle wants a bike, and then a car.
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Production has to keep changing too, because producers make what people want to buy.
- Example - Phone companies keep launching a new model every year.
- All wants cannot be satisfied because wants are unlimited, but resources like money, land and labour are limited.
