Answer to Question #246147 in Microeconomics for pratham

Question

Assume that you are from Anyone of the following family how can you utilise the limited resources to fulfill your needs a) family
B) petty shopper's
C) flower vender

Answer 1

Petty shopper's family

All persons have unlimited wants while the resources required to satisfy the needs are limited. The scarcity of these resources causes economic problems.

Example.

A piece of land can be put in use through either agricultural activities or industrial activities. The same piece of land can't be subjected to the two uses at the same time.