Economics is the study of how society manages its

a.

limited wants and unlimited resources.

b.

unlimited wants and unlimited resources.

c.

limited wants and limited resources.

d.

unlimited wants and limited resources.

Question

Economics is the study of how society manages its

a.

limited wants and unlimited resources.

b.

unlimited wants and unlimited resources.

c.

limited wants and limited resources.

d.

unlimited wants and limited resources.

BlackTom AI · Accepted Answer

First, restating the question: Economics is the study of how society manages its resources in the face of limited resources and competing wants.
Option a: limited wants and unlimited resources. This would imply that society has enough resources to satisfy all desires, which eliminates scarcity. In reality, resources are scarce relative to wants, so this option misdefines the core problem economics studies.
Option b: unlimited wants and unlimited resources. This describes no scarcity at all, which is not how economics views the world. If resources were unlimited, there would be no need to allocate them or study trade-offs, making this option incorrect.
Option c: limited wants and limited resources. While this contains the idea of scarcity (limited resources), it incorrectly asserts that wants are limited as well. In economics, wants are effectively unlimited or at least ongoing, even if some are temporarily satiated, so this underplays the perpetual demand aspect.
Option d: unlimited wants and limited resources. This matches the standard economic problem of scarcity: humans have many wants and needs, but resources (like time, money, raw materials) are finite, requiring choices and trade-offs. This framing is central to economic analysis, including opportunity costs and marginal decisions.
In summary, each incorrect option either denies scarcity (a and b) or mischaracterizes the nature of wants (c), while option d correctly captures the foundational issue that economics addresses: unlimited wants with limited resources.

LA-ECON-1101-813-14402-202520 Chapter 1

Economics is the study of how society manages its a. limited wants and unlimited resources. b. unlimited wants and unlimited resources. c. limited wants and limited resources. d. unlimited wants and limited resources.

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