The economizing problem faced by a society is Question 73 options: A) a consequence of the fact that productive resources are scarce relative to economic wants. B) that product prices often rise more rapidly than incomes of consumers. C) to establish prices that are fair for both producers and consumers. D) to achieve a more equitable distribution of income in the society.

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Romeo

26 November, 16:49

The economizing problem faced by a society is Question 73 options: A) a consequence of the fact that productive resources are scarce relative to economic wants. B) that product prices often rise more rapidly than incomes of consumers. C) to establish prices that are fair for both producers and consumers. D) to achieve a more equitable distribution of income in the society.

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Victoria Craig · Answer 1

A) a consequence of the fact that productive resources are scarce relative to economic wants

Explanation:

The economizing problem faced by a society refers to the fact that people's desires of products and services are unlimited but the resources that are used to produce them like capital and labor are limited. According to this, the answer is that the economizing problem faced by a society is a consequence of the fact that productive resources are scarce relative to economic wants.

The other options are not right because the economizing problem faced by a society is about consumers desires and the availability of resources, it doesn't refer to product prices or incomes.