Question

Each individual must make choices because A. wants are sometimes mixed up with needs. B. resources are limited and therefore cannot satisfy​ one's many competing wants. C. needs are more important than wants. D. even if​ one's wants are completely​ satisfied, insufficient time exists to fully enjoy all of them.

Answer 1

Answer:

The correct answer is letter "B": resources are limited and therefore cannot satisfy​ one's many competing wants.

Explanation:

Scarcity is the main problem in economic by which people have unlimited needs but finite resources to satisfy them. As a result, individuals must make tradeoffs to sacrifice part of the satisfaction of a need, to satisfy part of another need. Scarcity pushes people to make rational decisions to maximize their returns.