A basic underlying point in economics is that
A)people have unlimited wants in the face of limited resources.
B)there are unlimited resources.
C)governments should satisfy the needs of the people.
D)people have limited wants in the face of limited resources.
E)governments should never interfere in the workings of a market economy.

Question

Quizplus · Accepted Answer

One of the fundamental principles of economics is the concept of scarcity, meaning that resources are limited while people have unlimited wants and needs. Therefore, people need to make choices about how to allocate scarce resources, and this is the basis for economic decision-making.

A Basic Underlying Point in Economics Is That