GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Needs and wants are ____, while our resources are ____
|
|
satisfied, unsatisfied
|
|
|
limited, unlimited
|
|
|
unlimited, limited
|
|
|
necessary, unnecessary
|
Explanation:
Detailed explanation-1: -The economic problem of scarcity arises because needs and wants are unlimited and the resources (or means) to fulfil these wants are limited. The statement is indeed true. We have unlimited needs and wants, on the one hand, and scarce resources, on the other, which leads to scarcity.
Detailed explanation-2: -Since human wants are unlimited, and resources used to satisfy those wants are limited-there is scarcity.
Detailed explanation-3: -people use their scarce resources to satisfy their unlimited wants. businesses supply unlimited goods & services with limited resources.
There is 1 question to complete.