What the meaning of virtually unlimited resources to satisfy unlimited wants?

Answer 1

The phrase "virtually unlimited resources to satisfy unlimited wants" refers to an ideal economic scenario where resources are abundant enough to meet all human desires and needs without constraint. In reality, resources are limited, and this concept highlights the contrast between human aspirations and the finite nature of available resources. It underscores the challenges of resource allocation and the necessity for efficient management to address scarcity. Essentially, it emphasizes the gap between our limitless wants and the reality of resource limitations.