The economizing problem is essentially one of deciding how to make the best use of

Limited resources to satisfy unlimited economic wants

Explanation:

Economics is the social study of how society allocates its scarce resources to meet the unlimited needs of its members. It involves examining the decisions making processes that result in the most efficient use of available resources. Economics is about making choices on how to distribute limited resources to satisfy the need of society.

Economics is categorized into macroeconomics and microeconomics. Macroeconomics is concerned with the factors that influence the entire economy, such as inflation, unemployment, and growth rate. Microeconomics is the study of how the behavior of firms and households affect the production and consumption of a product or a sector.