A key theme fundamental to all of economics is that:
A)wants are limited.
B)the United States is a rich country, but we are simply not aware of it.
C)people have unlimited wants but limited means to satisfy them.
D)resources are unlimited.

Question

Quizplus · Accepted Answer

This is a fundamental concept in economics that people have unlimited wants or desires, but the resources available to fulfill these wants are limited or scarce. This creates the problem of scarcity, which is at the heart of all economic decision-making. Option A is incorrect because although wants may be limited, the focus is on the fact that resources are limited. Option B is incorrect because it is irrelevant and untrue. Option D is incorrect because resources are finite and limited, not unlimited as suggested.

A Key Theme Fundamental to All of Economics Is That