Question 1 - 5 Marks Questions - Chapter 2 Class 6 Economics - Needs and Wants - Economics

What are some of the factors that influence people’s wants and how can they affect their decisions?

Answer:

Answer by Student

There are many factors that can influence people's wants and how they affect their decisions. Some of these factors include:

• Advertising: Advertising can be very effective at influencing people's wants. Advertisers use a variety of techniques to make products and services seem desirable, such as using attractive images, catchy slogans, and emotional appeals.
  
  
• Peer pressure: People are often influenced by the wants of their peers. If their friends have a certain product or service, they may be more likely to want it too.
  
  
• Culture : Culture can also influence people's wants. For example, in some cultures, it is considered desirable to have a lot of material possessions, while in other cultures or Culture can make people want to celebrate certain festivals or eat certain foods.
  
  
• Personal values : People's personal values can also influence their wants. For example, someone who values health and fitness may be more likely to want a new pair of running shoes, while someone who values fashion may be more likely to want a new handbag.
  
  

• Emotions : People's emotions can also influence their wants. For example, if someone is feeling stressed or anxious, they may be more likely to want something that will make them feel better, such as a new piece of clothing or a delicious snack.