Question

Which of these describes the fundamental conflict of economics?
a.
the need for government control and the desire for an unregulated market
b.
the management of limited resources to satisfy unlimited wants
c.
the competition of different sellers in the marketplace
d.
the balance of supply and demand


Please select the best answer from the choices provided

A
B
C
D

Answer 1

B

Explanation: Economics addresses how to allocate scarce (limited) resources to satisfy unlimited wants.