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Identify and explain the concepts from the given illustrations:Raju’s mother purchased a blanket. It helps her to keep warm during winter. |
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Answer» Necessity Want and Utility: Want is referred to as a need of a person. Here, in the above case, the blanket is a need of Raju’s mother, which falls under necessity want. The utility is a power of a commodity or service to satisfy human wants. Here, in the above case, the blanket provides utility to Raju’s mother by giving her warmth during winter. |
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