Question

your requirements are unlimited and resources are limited. explain this statement with the 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.







Unlimited wants and needs essentially means that people never get enough, that there is always something else that they would like to have.

For example, once Duncan Thurly eats a hearty breakfast of pancakes and sausage, is he satisfied? Perhaps. But then in a couple of hours he wants a tuna salad sandwich for lunch. Then he wants linguini with alfredo sauce and bottle of Chianti for dinner. And then wants a bedtime snack of chocolate chip cookies and milk.

Answer 2

It's a general way to make you use your resources wisely...

Take the first example, if I tell ya to like surf the Internet, and for like each hour I'll pay ya ten bucks...how long can ya keep surfing?
well, to be honest, you can be on the internet for an unlimited time, I mean just think how addictive it is to today's teen... anyways, you may surf unlimitedly, but wait, you don't get unlimited data, your network provider only allows you to consume a certain GB or MB or whatever of data in a specified time, so here the limiting factor is "The data"...
We can use this analogy to say, DATA here is the RESOURCE, and SURFING the internet (for money) is your REQUIREMENT...

Take another example, now this one would be straight, I wouldn't like to give both examples of some outlandish level, so yeah this one's a plain one:

There are 7.5 billion people + billions of animals out there on Earth, we all need water, add the plants too, the figure goes beyond billions, but the water here is not unlimited, Earth has only about 333 million cubic miles approx of water, and we living organisms, dead and still existing, and also the one who'll exist in future, are almost unlimited, like that's a very very large figure in comparison to the former one, so yeah, we can say here that, 333 million cubic miles of limited water is the RESOURCE in this example, and consumption of it by living organisms(almost unlimited) is the REQUIREMENT here...

Hope you get this through...