Answer to Question #82421 in Microeconomics for Badejo Daniel

Question

it is orthodox to say people’s desire has no boundary from the time past, even in the face realistic limited resources, individual agents never stop to want more of economic output”.

Answer 1

Based on the concept of scarcity, people's needs are unlimited even when resources are limited. Resources are never enough to satisfy human wants since human needs are limitless. Scarcity makes people forgo some of their desires to satisfy needs that are critical.