0
Add your answer:
Earn +20 pts
What issue results from the combination of limited resources and unlimited wants?
The economic concept of Scarcity is where humans have unlimited needs and wants, but the world has limited resources to meet all those demands.
Scarcity always exists because?
Our needs and wants are not limited but our resources are limited.
Trade offs are required because wants are unlimited and resources are what?
Scarce
What is the imbalance between unlimited wants and limited resources available to satisfy those wants called?
the problem of scarcity - resources are scarce, wants are unlimited, therefore people are faced with opportunity costs (forgoing wants because they can only achieve some of their wants)
What are the solutions of human wants are unlimited?
The solution of unlimited human wants are unlimited resources to satisfy those wants. Unfortunately, resources are limited and they will always be limited in comparison.
What is the condition that results because wants are unlimited?
needs
What issue results from the combination of limited resources and unlimited wants?
The economic concept of Scarcity is where humans have unlimited needs and wants, but the world has limited resources to meet all those demands.
Scarcity always exists because?
Our needs and wants are not limited but our resources are limited.
Why does scarcity alway exist?
Because there unlimited wants but limited resources.
Trade offs are required because wants are unlimited and resources are what?
Scarce
What is the imbalance between unlimited wants and limited resources available to satisfy those wants called?
the problem of scarcity - resources are scarce, wants are unlimited, therefore people are faced with opportunity costs (forgoing wants because they can only achieve some of their wants)
What is the study of how to meet unlimited wants and unlimited resources?
the study of how to meet unlimited wants and limited resources is economics.
What are the solutions of human wants are unlimited?
The solution of unlimited human wants are unlimited resources to satisfy those wants. Unfortunately, resources are limited and they will always be limited in comparison.
Scarcity exists because there is a limited supply of?
Scarcity exists because we have unlimited wants and only a limited supply of resources to produce goods and services that satisfy our wants
Will Bill Gates face scarcity?
Yes, because human wants are unlimited so maybe he wants more time for charity work.
How do unlimited and wants and limited resources give rise to the problem of scarcity?
unlimited wants
Shortages exist because there are limited resource to meet unlimited wants and needs true or false?
false
