A recurring theme in economics is that people
A) have unlimited resources but limited economic wants.
B) can increase resources by limiting their economic wants.
C) have limited economic wants and limited resources.
D) have unlimited economic wants but limited resources.

Question

Quizplus · Accepted Answer

This statement is known as the basic economic problem or scarcity. It means that people have desires or wants that exceed their ability to fulfill them with the limited resources available. Therefore, individuals must make choices and trade-offs on how to allocate their limited resources to satisfy their unlimited wants.

A Recurring Theme in Economics Is That People