Asked by
Martika Garcia
on Oct 13, 2024
Verified
The economic problem is essentially one of deciding how to make the best use of
A) limited resources to satisfy limited wants.
B) unlimited resources to satisfy limited wants.
C) limited resources to satisfy unlimited wants.
D) unlimited resources to satisfy unlimited wants.
Economic Problem
The fundamental challenge of efficiently allocating limited resources to satisfy unlimited wants and needs.
Limited Resources
The finite availability of resources, such as land, labor, and capital, which can restrict economic growth and development.
Unlimited Wants
The economic concept that humans have an endless number of desires for goods and services, even if resources for fulfilling those desires are limited.
- Gain insight into how the scarcity of resources and perpetual wants necessitate choices based on economization.
Verified Answer
DD
Learning Objectives
- Gain insight into how the scarcity of resources and perpetual wants necessitate choices based on economization.