The economizing problem is one of deciding how to make the best use of
A) virtually unlimited resources to satisfy virtually unlimited wants.
B) limited resources to satisfy virtually unlimited wants.
C) unlimited resources to satisfy limited wants.
D) limited resources to satisfy limited wants.

Question

Quizplus · Accepted Answer

The economizing problem arises because of scarce resources (such as time, money, labor, and natural resources) in relation to unlimited human wants. Therefore, the best choice is B, which suggests that people have to make choices among competing wants and needs, and allocate their limited resources in the most efficient way to satisfy those that are most important to them.

The Economizing Problem Is One of Deciding How to Make