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Question
Our economy is characterised by:
Our economy is characterised by:
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Solution
The correct option is A Unlimited wants and needs
The problem of scarcity, stems from the basic idea that peoples' wants are unlimited, however the earth only contains a finite amount of resources that can be used to produces goods and services that will fulfill the unlimited wants and needs.
Option b is incorrect: The term limited resources refers to material resources such as fuel, coal, food grains etc, the production of all these have a limited supply and cannot be infinitely increased.
Option c is incorrect: As the economy will have to employ some amount of energy resources such as electricity and fuel in order to produce the goods and services desired by the economy.
Option d is incorrect: The term limited resources refers to human resources such as labour, the supply and productivity of this is limited supply and cannot be infinitely increased.
The problem of scarcity, stems from the basic idea that peoples' wants are unlimited, however the earth only contains a finite amount of resources that can be used to produces goods and services that will fulfill the unlimited wants and needs.
Option b is incorrect: The term limited resources refers to material resources such as fuel, coal, food grains etc, the production of all these have a limited supply and cannot be infinitely increased.
Option c is incorrect: As the economy will have to employ some amount of energy resources such as electricity and fuel in order to produce the goods and services desired by the economy.
Option d is incorrect: The term limited resources refers to human resources such as labour, the supply and productivity of this is limited supply and cannot be infinitely increased.
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