Scarcity

Question 1

economics

Answer 1

based on satisfying unlimited wants and needs with scarce resources

Question 2

scarcity

Answer 2

our wants and needs are unlimited. however, our resources (money, time, land) are limited

Question 3

all resources are limited. Which of the following is NOT a resource?

Answer 3

interest rates

Question 4

note

Answer 4

• if we desire more of something than we can have
• human desire is infinite
• resources
• a want is a non-essential thing that we desire