Asked by
Graci Bettich
on Dec 12, 2024
Verified
The economizing 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 virtually unlimited wants.
D) unlimited resources to satisfy unlimited wants.
Economizing Problem
The challenge of satisfying unlimited wants with limited resources, necessitating choices and prioritizations.
Limited Resources
The scarcity of resources (such as time, money, manpower, and natural resources) that is a fundamental economic problem faced by societies.
Unlimited Wants
Unlimited Wants refer to the concept that human desires and aspirations are endless, influential in driving demand in economics.
- Understand the challenge of distributing finite resources to meet infinite demands.
Verified Answer
KD
Learning Objectives
- Understand the challenge of distributing finite resources to meet infinite demands.