The economic term used to refer to human wants, desires or needs is known as?

Step 1: Analyze the question The question asks for the economic term that refers to human wants, desires or needs.

Step 2: Explain the concept In economics, the basic problem is scarcity. This is explained using two ideas:

• Ends: the unlimited wants, desires, or needs of humans. These are the goals we want to achieve.
• Means: the limited resources (land, labour, capital, entrepreneurship) used to satisfy those wants.

Economics is the study of how people use scarce means to satisfy their unlimited ends.

Step 3: Check each option

• A. Ends: Correct. Ends are the human wants and needs we are trying to satisfy.
• B. Alternative means: This refers to different ways or resources that could be used to achieve a goal, not the wants themselves.
• C. Scarce: This describes resources that are limited relative to wants. It is not the word for the wants.
• D. Means: These are the resources used to satisfy wants, which is the opposite of what is asked.

Step 4: Answer The term is Ends, which is option A.

Exam tip: Remember it this way: Ends = Endless wants, while Means = Limited resources. Whenever you see "wants, desires, needs" in a JAMB Economics question, think "ends."