Final answer:
The correct answer is false, as individuals and society have unlimited wants with limited resources. Economics explores how people make choices to allocate these scarce resources to satisfy as many wants as possible, guided by principles such as the laws of demand and supply.
Explanation:
Limited wants is false:
The statement that society and its individuals have limited wants is false. The correct principle is that society and its individuals have unlimited wants but face limited resources to satisfy these wants. One of the fundamental concepts in economics is the distinction between wants and resources. Wants are the desires that individuals and societies have for goods and services, which are essentially infinite; there is always more that people would like to have.
On the other hand, the resources available to meet these wants, such as time, money, and materials, are scarce. This scarcity of resources leads to the need for making choices about how to allocate them most efficiently to satisfy the most pressing wants. Moreover, economics is about the study of how these choices are made and the consequences of these decisions. The laws of demand and supply are some of the basic economic principles that guide these decisions.