Because human wants are insatiable and unlimited while available resources are limited,people are said to face the problem of
A) scarcity.
B) why to produce.
C) macroeconomics.
D) microeconomics.
E) social interest versus self-interest.

Question

Quizplus · Accepted Answer

Scarcity refers to the situation where there are limited resources to satisfy unlimited wants, and therefore individuals and societies have to make choices about how to allocate these scarce resources among competing uses. The problem of scarcity is central to the study of economics and is a key driver of many economic phenomena, such as supply and demand, prices, and market outcomes.

Because Human Wants Are Insatiable and Unlimited While Available Resources