The "economic problem"exists because:
A) for the first time in history, people are earning more money than they can spend.
B) resources are limited while wants and needs for goods and services are virtually limitless.
C) people are unwilling to put forth the effort required to attain the goods and services they want.
D) there are more goods and services being produced than people want, causing some businesses to go bankrupt.

Question

Quizplus · Accepted Answer

The economic problem, also known as the problem of scarcity, arises because resources (such as time, money, and raw materials) are limited, but the wants and needs of people for goods and services are virtually unlimited. This discrepancy necessitates choices about how to allocate resources effectively.

The "Economic Problem"exists Because