Answer to Question #247732 in Microeconomics for Sumut

Question

how can you utilize the limited resources to fulfill your needs as petty shopper

Answer 1

Every individual has unlimited wants but the resources for satisfying the points are limited. Scarcity has been no scarcity there would be have been no economic problem this can be understood by examples:-

1. A child's pocket money is limited so he/she has to choose only those things that they want to the most you cannot purchase or most all things you want.

2. Land available should be put to any use either in agriculture or industrial we cannot use the same land for both activities.