All economic questions and problems arise from
A)the fact that society has more than it needs.
B)turmoil in the stock market.
C)the difference between self-interest and social interest.
D)a society's wants exceeding what its scarce resources can produce.
E)the unequal distribution of income.

Question

Quizplus · Accepted Answer

Economics is the study of how society allocates its scarce resources to satisfy unlimited wants, needs, and desires. The fundamental problem of economics is that human wants and needs are infinite, but resources are finite. Therefore, all economic questions and problems arise from the fact that society's wants exceed what its scarce resources can produce. This scarcity forces individuals, businesses, and governments to make choices that involve trade-offs and opportunity costs.

All Economic Questions and Problems Arise from