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the study of how to meet unlimited wants and limited resources is economics.
The solution of unlimited human wants are unlimited resources to satisfy those wants. Unfortunately, resources are limited and they will always be limited in comparison.
Explain the apparent contradiction between limited resources and unlimited wants.
ferns
People have unlimited wants and limited resources to fulfill them.
unlimited wants
wants are unlimited while resources are limited. this is also the basic economic problem.
Limited resources/Unlimited wants.
Scarcity
Scarcity
Scarcity
the problem of scarcity - resources are scarce, wants are unlimited, therefore people are faced with opportunity costs (forgoing wants because they can only achieve some of their wants)