Deciding how to make the best use of limited resources to satisfy virtually unlimited wants is known in economics as
A) economizing behavior.
B) the fallacy of composition.
C) ceteris paribus.
D) the fallacy that good intentions do not guarantee the desired outcome.

Question

Quizplus · Accepted Answer

Economizing behavior refers to the decision-making process of using limited resources efficiently to satisfy unlimited wants, which is a fundamental concept in economics.

Deciding How to Make the Best Use of Limited Resources