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Question
what is the basic problem that all economies must deal with? a how to satisfy limited wants with limited resources b how to satisfy limited wants with unlimited resources c how to satisfy unlimited wants with limited resources d how to satisfy unlimited wants with unlimited resources
In economics, human wants are considered unlimited while resources are scarce (limited). The central economic problem is about making choices on how to allocate these limited resources to satisfy unlimited wants.
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C. how to satisfy unlimited wants with limited resources