Asked by Andrea Lopez on May 08, 2024
Verified
The economizing problem is one of deciding how to make the best use of:
A) virtually unlimited resources to satisfy virtually unlimited wants.
B) limited resources to satisfy virtually unlimited wants.
C) unlimited resources to satisfy limited wants.
D) limited resources to satisfy limited wants.
Economizing Problem
The issue of limited resources to meet unlimited wants, necessitating choices and prioritizations in the use of resources.
Limited Resources
The finite availability of inputs or resources (labor, capital, land) that can be used for the production of goods and services.
Unlimited Wants
The economic concept that human desires and needs are constant and infinite, whereas the resources to fulfill them are limited.
- Acknowledge the economizing dilemma as a primary economic challenge.
- Explain the implications of scarcity on economic decisions and society.
Verified Answer
RM
randy mathisenMay 09, 2024
Final Answer :
B
Explanation :
The economizing problem arises because resources are scarce in relation to the wants and needs of individuals and society. Therefore, the best choice is option B, which recognizes that there are limited resources to satisfy virtually unlimited wants.
Learning Objectives
- Acknowledge the economizing dilemma as a primary economic challenge.
- Explain the implications of scarcity on economic decisions and society.