We could produce all of the goods and services needed to satisfy people's material wants and needs if resources were used effectively.

Name: We could produce all of the goods and services needed to satisfy people's material wants and needs if resources were used effectively.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Even with effective use of resources, the scarcity principle in economics states that resources are limited while human wants are unlimited, making it impossible to satisfy all material wants and needs fully.

We Could Produce All of the Goods and Services Needed