Question

The economizing problem is:

A. the need to make choices because economic wants exceed economic means.
B.how to distribute resources equally among all members of society.
C.that people's means often exceed their wants.
D.that people do not know how to rationally allocate resources.

Answer 1

The economizing problem in economics is the need to make choices because economic wants exceed economic means. Individuals and societies have unlimited wants, but limited resources, so they must allocate resources among competing wants and needs.

Step-by-step explanation:

The economizing problem in economics is the need to make choices because economic wants exceed economic means. This means that individuals and societies have unlimited wants or desires, but limited resources to satisfy those wants. As a result, they must make choices about how to allocate their limited resources among competing wants and needs. For example, a person may need to choose between buying a new pair of shoes or paying for food. This problem of scarcity and choice is illustrated by the production possibilities curve, which shows the trade-offs involved in allocating resources.