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People have unlimited desires but limited resources. Economics tries to understand how we make decisions in such a world of ______ resources.

1 Answer

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Answer:

Scarcity, is the right answer.

Step-by-step explanation:

Scarcity is the answer because economics refers to decision making when there is scarcity. Since we know that human wants are unlimited but the resources are limited. Thus, the scarcity of resources gives birth to the problem of choice. Basically, economics studies the social human behavior in relation to resource allocation. Therefore, economics is all about that is generated to understand the allocation or decisions in the case of scarce resources.

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