Question

each individual must make choices because
a. needs are more important than wants.
b. wants are sometimes mixed up with needs.
c. resources are limited and therefore cannot satisfy one’s many competing wants.
d. even if one’s wants are completely satisfied, insufficient time exists to fully enjoy all of them.

Explanation:

To determine why each individual must make choices, we analyze each option:

• Option A: Comparing needs and wants' importance doesn't explain the necessity of choice. The key is scarcity of resources, not the hierarchy of needs vs wants.
• Option B: Mixing of wants and needs doesn't inherently create the need for choice. The core reason for choice is scarcity of resources to satisfy wants/needs.
• Option C: Resources (like money, time, materials) are limited, and individuals have multiple competing wants. Since resources can't satisfy all wants, choices must be made to allocate resources to some wants over others. This aligns with the economic concept of scarcity leading to choice.
• Option D: The idea of insufficient time to enjoy satisfied wants is not the primary reason for making choices. The fundamental reason is the scarcity of resources to satisfy wants in the first place.

Answer:

C. resources are limited and therefore cannot satisfy one's many competing wants.