Final answer:
The term 'scarcity' correctly matches the statement about limited resources not being able to satisfy all of society's wants. Scarcity is a core focus in economics, dealing with the allocation of finite resources to meet infinite human desires and the resulting trade-offs and opportunity costs.
Step-by-step explanation:
The economic term best described by the statement 'There are limited resources to satisfy all of society's wants' is scarcity. Economics is fundamentally concerned with the issue of scarcity, which arises because human wants for goods, services, and other resources exceed what is available. Decisions must be made about how to allocate these limited resources to meet the various needs and desires of a society. This is reflected in individual and societal trade-offs. Opportunity cost is a related concept that represents the value of the next best alternative given up when a choice is made.
A constant challenge in economics is finding the best way to distribute the limited resources to satisfy the most wants and needs possible. The economic term best described by the statement 'There are limited resources to satisfy all of society's wants' is scarcity. Scarcity refers to the condition in which there are not enough resources available to produce everything that individuals demand. It means that human wants for goods, services, and resources exceed what is available.