The economizing problem for individuals is a consequence of the fact that
A) economic means or incomes are greater than economic wants.
B) economic wants are greater than economic means or incomes.
C) positive economics is more important than normative economics.
D) normative economics is more important than positive economics.

Question

Quizplus · Accepted Answer

The economizing problem refers to the problem of scarcity where individuals' economic wants exceed their economic means or incomes. Hence, option B is the correct answer. Option A is incorrect as it suggests that the economic means or incomes are greater than economic wants, which is not the case in the economizing problem. Options C and D are also irrelevant as they discuss the importance of positive and normative economics, which is not related to the economizing problem.

The Economizing Problem for Individuals Is a Consequence of the Fact