Economics is the study of how society manages its: a) Limited wants and unlimited resources, b) Unlimited wants and unlimited resources, c) Limited wants and limited resources, d) Unlimited wants and limited resources

Business Dec 10, 2020

Economics is the study of how society manages its:

a) Limited wants and unlimited resources,

b) Unlimited wants and unlimited resources,

c) Limited wants and limited resources,

d) Unlimited wants and limited resources.

Expert Solution

The correct option is d) Unlimited wants and limited resources.

Society, given the number of population of its people or citizens evolves its needs and wants according to the current standard of living. However; some resources that use in order to fulfill society's needs is oftentimes limited, and it will take years before that resources will replace.

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