Final answer:
The term that describes the economic problem of having unlimited wants but limited resources is scarcity.
Step-by-step explanation:
The economic problem created by people having unlimited wants and limited resources to fulfil those wants is called scarcity. This is a central concept in economics, encapsulating the challenge that while our desires for goods and services are virtually endless, the resources available to produce those goods and services are finite. Factors such as land, labor, and capital are not infinite, creating a situation where supply cannot meet the perpetual demand. Even the wealthiest individuals cannot have everything because resources and time are limited, necessitating a process of decision-making based on prioritization and trade-offs.