Foundations of Economics

Unlimited economic wants

Society's economic wants

Limited economic resources (correct)

Economic resources

Determining the opportunity cost of an item

Studying how a society manages its scarce resources (correct)

Producing goods and services efficiently

Achieving maximum satisfaction of economic wants

There is an equal distribution of resources among individuals

There is no opportunity cost associated with obtaining an item

There is not enough resources to produce all goods and services (correct)

There is an abundance of resources to produce all goods and services