The Fact That Our Wants Are Unlimited but Our Resources

question 84

Multiple Choice

The fact that our wants are unlimited but our resources are limited implies that

• A) we should limit our wants.
• B) entrepreneurship has failed as an economic system.
• C) we have to make choices.
• D) the only way to make someone better off is to make someone else worse off.

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Definitions:

Satisfice

A decision-making strategy that aims for a satisfactory or adequate outcome, rather than the optimal solution, due to the limitations of the decision-making process.

Creative Practice

Involves engaging in activities or processes that aim to produce original and innovative ideas, solutions, or works.

Commercial Usefulness

The extent to which a product or service can be sold or used in a commercial context to satisfy a need or want.

Dimensions

Aspects or features that can be measured or used to define the characteristics of something.