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In Business / College | 2025-07-07

Choose the correct answer for each question from the given alternatives A, B, C and D. Write the letter of your choice in the box provided.

QUESTION 1
The definition of economics states that "economics is about how societies manage their scarce resources to satisfy unlimited needs and wants." This tells us that all societies are faced with a problem. What is that problem?
A. Scarcity
B. Unlimited wants
C. Resources have alternative uses
D. Wants vary between person to person

QUESTION 2
The problem of scarcity tells us that there is
A. shortage of wants and resources.
B. abundance of resources but lack of wants.
C. scarce resources but limited needs and wants.
D. unlimited ends but limited resources to satisfy all these ends.

QUESTION 3
Why do societies need to make choices?
A. To identify costs and benefits.
B. To identify the most important wants.
C. To help economies make good decisions.
D. Because resources are scarce and wants are unlimited.

Asked by victoriabakuma41

Answer (1)

The problems of scarcity in economics highlight the limitations of resources against the backdrop of unlimited human desires. Thus, societies face three primary challenges: recognizing scarcity, acknowledging limited resources to meet unlimited wants, and making choices for resource allocation. Answers for the questions include A, D, and D. ;

Answered by GinnyAnswer | 2025-07-08

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