Whether studying the size of the Canadian economy or the number of children a couple will choose to have,the unifying concept is
A) wants are limited,resources are limited,and thus trade-offs must be made.
B) wants are unlimited,resources are limited,and thus trade-offs must be made.
C) wants are unlimited,resources are limited to some but not to others,and thus some people must make trade-offs.
D) wants are unlimited,resources are unlimited,and thus no trade-offs need to be made.
E) wants are unlimited,resources are limited,and thus government needs to do morE.

Question

Quizplus · Accepted Answer

This statement captures the basic economic problem of scarcity, which forces individuals, firms, and governments to make choices about how to allocate resources among competing wants and needs. Since wants are limitless, but resources are finite, trade-offs must be made. This principle applies whether we are talking about the Canadian economy or individual decisions about family size. Choice A and C are similar but not as accurate, as resources are limited for everyone in some form. Choices D and E are false statements that do not reflect the reality of resource scarcity.

Whether Studying the Size of the Canadian Economy or the Number