Question

Economists regard decision making as important because:
(a) The resources required to satisfy our unlimited wants and needs are finite, or scarce.
(b) It is crucial to understand how we can best allocate our scarce resources to satisfy
society’s unlimited
wants and needs.
(c) Resources have alternative uses.
(d) All the above

Answer 1

Answer:

your answer is (b)

Explanation:

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Answer 2

Answer:

(d) All the above

Economists regard decision-making as important because of all of the above.

Explanation:

• Economic resources are limited, and if they can be used in other ways, there will be a market for all the goods that are created.
• The producer will then have to decide which resources to use in order to manufacture the numerous goods that are in demand on the market.
• The economic concept of "unlimited desires" describes people's unquenchable need for material goods.
• There is always something more we need or want, thus we never have enough.
• The part of human nature that wants an endless quantity of things is referred to as having "unlimited wants."
• The resources we have to fulfill these desires, nevertheless, are scarce.
• Since humans first stepped foot on this planet, we have struggled with two aspects of scarcity i.e. Unlimited wants and limited resources.

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