Question

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 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 goods that we want the most because of limited resoures and unlimited wants . Scarcity is the root of all economic plants

Answer 2

Answer:

Every individual have unlimited wants but the resources for satisfying the wants are limited. Scarcity is the root of all economic problems. Had there been no scarcity, there would have been no economic problem. This can be understood by examples -

(i) A children pocket money is a limited so he/she have to choose only those things that you want the most. You can't purchase almost all the things you wants.

(ii) A land available should be put in use either in agricultural or industrial. We can't use same land for both activities.