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Questions and Answers
What does the concept of unlimited needs refer to in economics?
What does the concept of unlimited needs refer to in economics?
- The constant increase in demand for goods and services in the market.
- The condition where individuals desire more than what they can obtain. (correct)
- The situation where resources are abundant and can fulfill all wants.
- The ability of individuals to fulfill all their wants without any constraints.
What is the definition of scarcity in economics?
What is the definition of scarcity in economics?
- The desire for more than what is available in the market.
- The competition between individuals for limited goods and services.
- The inability to satisfy all our wants due to limited resources. (correct)
- The imbalance between supply and demand in the economy.
What is the primary reason economic questions arise, according to the text?
What is the primary reason economic questions arise, according to the text?
- The presence of unlimited wants and needs alongside limited resources. (correct)
- The fluctuating nature of market demand and supply.
- The unequal distribution of wealth among individuals.
- The influence of government policies on consumer choices.
Why do individuals face limitations on what they can afford to buy?
Why do individuals face limitations on what they can afford to buy?
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Why do governments have limitations on what they can afford to provide?
Why do governments have limitations on what they can afford to provide?
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