The problem of having unlimited wants under the constraint of limited resources can describe the problem of:

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Quizplus · Accepted Answer

The problem of having unlimited wants (or demand) but limited resources (or supply) is known as scarcity. This is a fundamental economic problem that exists due to the finite nature of resources relative to human wants and needs. It forces individuals, businesses, and governments to make choices about how to allocate resources efficiently, which leads to trade-offs and opportunity costs. Sunk costs refer to expenses that have already been incurred and cannot be recovered, while the marginal principle involves weighing the benefits and costs of incremental changes.

The Problem of Having Unlimited Wants Under the Constraint of Limited