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13 November, 16:51

The economizing problem is essentially one of deciding how to make the best use of a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.

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  1. 13 November, 19:46
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    Answer: Option (C) is correct.

    Explanation:

    In economics, this is a fundamental problem that how to utilize the limited resources to satisfy unlimited wants. There are three things that are interrelated with each other:

    (1) Limited resources

    (2) Scarcity of goods and services

    (3) Unlimited wants

    We know that human wants are unlimited and resources are limited, then there is a problem of scarcity arises. Many economists call this as "economizing problem". So, economizing problem is all about making choices from scarce resources.
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