As a society, and as individual humans, we have

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BlackTom AI · Accepted Answer

Question restatement: The prompt asks about the nature of resources in society and for individuals, presenting four answer choices to identify which statement is true about resources.
Option a: 'a. unlimited goods and services.' This is inaccurate in economics because resources are scarce by definition; unlimited goods and services would imply no trade-offs or constraints, which contradicts the fundamental concept of scarcity.
Option b: 'b. limited resources.' This statement aligns with the core economic principle of scarcity: resources such as time, money, land, and labor are finite, so choices must be made about how to allocate them. This is the standard description in economic thinking and explains why opportunity costs arise.
Option c: 'c. unlimited resources.' Similar to option a, this suggests no limits on what can be produced or consumed, which contradicts the reality of finite inputs and constraints faced by individuals and societies.
Option d: 'd. limited wants.' This is not generally true; while some wants may be satisfied, humans typically have numerous and sometimes unlimited wants. Scarcity concerns the resources available to satisfy wants, not the definiteness or limit of wants themselves, making this statement misleading as a general rule.
Summary of reasoning: The only option that faithfully reflects the foundational economic idea is that resources are not endless but limited, creating the need for allocation, trade-offs, and decisions about production and consumption. The other options either pretend unlimited resources exist or confuse wants with the underlying scarcity of resources, which does not hold in standard economic theory.

MUF0061 Economics Unit 1 - Semester 1, 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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