Question

the basic economics problem is a) having unlimited and wants and needs but limited economics resources b) deciding what goods and services to produce c) identifying the goods and services available to you d) determining how to satisfy needs and wants

Answer 1

The basic economics problem is a. having unlimited wants and needs but limited economic resources.

Step-by-step explanation:

Economics is the study of how humans make decisions in the face of scarcity. Scarcity means that human wants for goods, services and resources exceed what is available. The basic economics problem is having unlimited wants and needs but limited economic resources.

For example, imagine a country where the people want more food, housing, education, healthcare, and transportation than the available resources can provide. This situation creates a need to prioritize and make choices about which goods and services to produce.

This illustrates option a) having unlimited wants and needs but limited economic resources as the basic economics problem.