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The authors of this book, James Gwartney, Richard Stroup, Dwight Lee, Tawni Ferrarini, and Joseph Calhoun ebook Economics for Everyone pdf download Part 1: Basic Wants and Needs. One of the most basic concepts of economics is want vs. need. What are they exactly?. A need is something you have to have, something you can't do without. A good example is food. If you don't eat, you won't survive for long. Many people have gone days without eating, but they eventually ate a lot of food. Realms, Regions and Concepts: WITH College Atlas of the World In contract theory, signalling (or signaling; see spelling differences) is the idea that one party (termed the agent) credibly conveys some information about itself to another party (the principal).For example, in Michael Spence's job-market signalling model, (potential) employees send a signal about their ability level to the employer by acquiring education credentials. 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