The great economic problem is:
A) minimizing unemployment in a changing world.
B) reducing the deficit in a two-party system.
C) satisfying infinite wants with limited resources.
D) restricting immigration to a legal process.

Question

Quizplus · Accepted Answer

The great economic problem is how to satisfy unlimited wants with limited resources. This is the problem of scarcity, where the demand for goods and services outweighs the available resources to produce them. This concept is the foundation of economics and the reason why we have to make choices regarding what we produce and consume. The other choices listed are important economic issues, but they are not the fundamental economic problem.

The Great Economic Problem Is