"You have unlimited wants and limited resources to satisfy them" Explain it.
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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.
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scarcity. the conflict between unlimited wants and limited resources; also referred to as the basic economic problem. unlimited wants. wanting everything; the natural and necessary desire of people in capitalism to want every product available and even products that are not available.
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