The economizing problem is
A) the need to make choices because economic wants exceed economic means.
B) how to distribute resources equally among all members of society.
C) that people's means often exceed their wants.
D) that people do not know how to rationally allocate resources.

Question

Quizplus · Accepted Answer

The economizing problem refers to the fundamental problem of scarcity, which means that there are limited resources to satisfy unlimited human wants. Therefore, people need to make choices and allocate resources efficiently in order to maximize their satisfaction. This is the essence of the economizing problem. Options B, C, and D do not describe the economizing problem accurately.

The Economizing Problem Is