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What does it mean by unlimited wants economically?
Irishmaidenbuckeye
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Why is the idea of scarcity a starting point thinking economically?
Economics seeks to solve the scarcity problem, which exists because resources are limited whereas needs and wants are unlimited.
What is the study of how to meet unlimited wants and unlimited resources?
the study of how to meet unlimited wants and limited resources is economics.
What are the solutions of human wants are unlimited?
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.
How do unlimited and wants and limited resources give rise to the problem of scarcity?
unlimited wants
What apparent contradiction between limited resources and unlimited wants?
Explain the apparent contradiction between limited resources and unlimited wants.
What is unlimited in economics?
wants are unlimited while resources are limited. this is also the basic economic problem.
What does scarce economic resources mean?
Scarcity is the basic economic problem that arises because people have unlimited wants but resources are limited.
What is the imbalance between unlimited wants and limited resources available to satisfy those wants called?
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)
What is unlimited want?
Meaning: To want something that has no limit to it. Example: Moneyis unlimited, and many people may want more of it for varius reasons.
What is the contition that results because wants are unlimited?
Scarcity
How do you we satisfy unlimited wants with limited resources?
ferns
What is the condition that results because wants are unlimited?
needs
