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In economics which term describes a situation in which there are limited resources and unlimited needs and wants?
LowKeygp9976
When there are limited resources and unlimited need and wants, this is called scarcity. Because of scarcity, plans must be put in place to make sure the available resources are allocated in the most efficient way.
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∙ 9y ago
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Is the study of economics necessary in a situation of abundant resources?
is the study of economics necessary in a situation of abundant
What is unlimited in economics?
wants are unlimited while resources are limited. this is also the basic economic problem.
The study of economics is necessary in a situation of abundance resources?
is the study of economics necessary in a situation of abundant
Economics is a sciene that analyzes what?
economics is the social science that deals with how the society allocates its scarce resources among its unlimited wants and needs
The study of how individuals and governments allocate scarce resources in an attempt to satisfy unlimited wants is?
Economics
Is the study of economics necessary in a situation of abundant resources?
is the study of economics necessary in a situation of abundant
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 is unlimited in economics?
wants are unlimited while resources are limited. this is also the basic economic problem.
What concept means to have unlimited wants with limited resources?
scarcity economics
What is the fundamentals of economics?
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.
What is the study of how people use their limited resources to satisfy their unlimited wants?
Economics.
The study of economics is necessary in a situation of abundance resources?
is the study of economics necessary in a situation of abundant
Economics is a sciene that analyzes what?
economics is the social science that deals with how the society allocates its scarce resources among its unlimited wants and needs
The study of how individuals and governments allocate scarce resources in an attempt to satisfy unlimited wants is?
Economics
If resources were unlimited and freely available isn't there would be no subject called economics?
LOL, I suppose not:)
Definition of economics by bernardo villegas?
Economics is the science of allocating scarce resources to satisfy man's unlimited, multiple, competing wants and needs.
In economics identify 4 scarce resources and how do you reconcile something limited against somethig unlimited?
scarcity
