The economizing problem is essentially one of deciding how to make the best use of:
A) Limited resources to satisfy limited economic wants
B) Unlimited resources to satisfy unlimited economic wants
C) Unlimited resources to satisfy limited economic wants
D) Limited resources to satisfy unlimited economic wants

Question

Quizplus · Accepted Answer

The economizing problem arises due to the scarcity of resources and unlimited human wants. Therefore, individuals and societies have to make choices and allocate their limited resources in the most efficient way to satisfy their unlimited wants. As resources are limited but wants are unlimited, it is not possible to satisfy all the wants at once, and choices have to be made. Thus, the best use of resources involves making choices that will maximize satisfaction or utility by satisfying the most urgent or important wants first. Therefore, option D, "Limited resources to satisfy unlimited economic wants," is the correct answer.

The Economizing Problem Is Essentially One of Deciding How to Make