Final answer:
The issue described as having unlimited wants but limited resources is known as scarcity, a fundamental concept in economics illustrated by the production possibilities curve.
Step-by-step explanation:
The problem of having unlimited wants under the constraint of limited resources can describe the problem of: a. Scarcity. Scarcity is the condition where limited resources conflict with unlimited needs and wants. It forces individuals and societies to make choices about how to allocate resources and make trade-offs, leading to the concept of opportunity cost. This is because scarcity is the condition where there are not enough resources available to produce everything that individuals demand. Our unlimited wants are always colliding with the limited supply of resources, leading us to make choices and give up other alternatives. This fundamental economic problem is illustrated using the production possibilities curve, which shows the choices and trade-offs that societies must make due to scarcity.