Question

1. the problem of resources being limited, but wants being unlimited is the economic concept of

economy of scale

scarcity

supply

opportunity cost

Explanation:

• Economy of scale: Refers to cost advantages when production scale increases, not related to limited resources and unlimited wants.
• Scarcity: Fundamental economic concept where resources (limited) vs. human wants (unlimited) creates a need for choice.
• Supply: Quantity of a good/service producers offer at a price, not about the core problem of limited resources and unlimited wants.
• Opportunity cost: Cost of choosing one option over another, a consequence of scarcity but not the concept itself.

Answer:

scarcity