Wants are unlimited, needs are limited. Resources are scarce; there is a finite supply.
Therefore we must prioritize or choose carefully.
Raises three important questions (Fundamental Economic question):
- What to produce?
- How to produce?
- For whom?
Wants are unlimited, needs are limited. Resources are scarce; there is a finite supply.
Therefore we must prioritize or choose carefully.
Raises three important questions (Fundamental Economic question):