The statement is indeed true. We have unlimited needs and wants, on the one hand, and scarce resources, on the other, which leads to scarcity. In economics we study how a society deals and should deal with this scarcity problem.
Think again. The statement is true.
We have unlimited needs and wants, on the one hand, and scarce resources, on the other, which leads to scarcity. In economics we study how a society deals and should deal with this scarcity problem.