As a society, and as individual humans, we have

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As a society and as individual humans, we confront a fundamental economic reality that scarcity forces choices and trade-offs.
Option a: 'a. unlimited goods and services.' This is incorrect because in the real world, resources that produce goods and services are finite, so we cannot have unlimited everything.
Option b: 'b. limited wants.' While some wants may be satisfied or moderated, human wants are generally considered insatiable, making this statement an incomplete description of scarcity and not the core fact.
Option c: 'c. limited resources.' This is the correct characterization: resources such as land, labor, and capital are finite, leading to the need to allocate them efficiently.
Option d: 'd. unlimited resources.' This is false for the same reason as option a: resources are not unlimited; they are scarce and constrained.

MUF0061 Economics Unit 1 - Semester 2, 2025 Revision Quiz: The Basic Economic Problem (Relative Scarcity) (5 - 7 minutes)

As a society, and as individual humans, we have

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