Question

Because resources are limited and demands are unlimited, societies and individuals must make choices about what to produce and what to consume. This economic concept is..

Answer 1

Answer:

Scarcity

Explanation:

Scarcity as it is widely known connote an event or situation in which unlimited wants is more than the the limited resources available to meet the demands or fulfill those wants. It is also known to be the common economic problem of having unlimited wants, but limited resources to meet those wants.

Resources needed by man most importantly are little or limited in their supply. Human wants are those things that humans needs and they are unlimited in nature. Due to the scarcity of Resources are scarce, humans have tomake choices and drop out some of their wants to be able to fulfill the much needed one.