Problem
Early economists made a distinction between needs and wants. Needs were economists' concern; wants were of far less importance.
a. Is such a distinction useful?
b. Would making such a distinction change the nature of economic analysis?
c. Does the fact that the book makes no distinction between luxuries and necessities other than in their elasticity of demand reflect a bias in economic analysis? (Religious)
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.