Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

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BlackTom AI · Accepted Answer

The question sets up a classic economic idea: human wants are endless while resources are finite, creating a fundamental problem for how to allocate those scarce resources.
First, note that there are no answer options provided to evaluate individually, so we cannot discuss each alternative. Nevertheless, we can reason about the core concept.
The central concept here is scarcity, which describes the condition that arises because desires exceed available resources. Since resources such as time, money, land, and goods are limited, societies must make decisions about what to produce, how to produce, and for whom to produce.
If we consider other related terms: 'limited resources' clearly aligns with scarcity, not abundance. 'Opportunity cost' is a related idea that arises because of scarcity, emphasizing what is forgone when a choice is made. 'Choice' and 'trade-offs' are also outcomes influenced by scarcity. However, the root problem described in the stem—unlimited wants versus limited resources—points directly to scarcity as the defining issue.
In summary, the statement in the question reflects the economic problem of scarcity: unlimited wants contrasted with finite resources necessitate decisions about allocation and prioritization. Without options to critique, we still connect the described problem to scarcity as the foundational concept in economics related to resource limits and choice.

ECON 210-003 Homework 1

Because human wants are insatiable and unlimited while available resources are limited, people are said to face the problem of

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