Question

Q1.You have unlimited wants and limited resources to satisfy them. Explain by giving two examples.

Answer 1

We have unlimited wants and limited resources. For example, If we have more pocket money to spend then we can get all the things according to our wish but if we have less pocket money then we have to choose only those things that we want the most. For example, there are two goods in the economy; wheat and shoes. Then we have to choose the good that we want the most because of limited resources and unlimited wants. Scarcity is the root of all economic problems.

Answer 2

Answer:

we have limited wants and unlimited resources for example :

1. if we have more pocket money to spend then we can get all the things according to our wish but if we have less pocket money then we have to choose only those things that we want the most
2. there are two good sweet and shoes and we have only 2000 rupees we have to choose one of them.
3. So the example shows that the resources are limited but we wants of people are unlimited so this is also known as scarcity of resources.

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