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 for individuals is the need to choose between limited income or resources and unlimited wants or needs. This reflects the fact that economic wants are typically greater than the income or resources available to satisfy them. Therefore, choice B correctly reflects this relationship. Choices A, C, and D are not relevant to the economizing problem for individuals.

The Economizing Problem for Individuals Is a Consequence of the Fact