1.1 Fundamental Economic Problems and Unlimited Want (T/F)

The fundamental economic problem arises because resources are unlimited while people\’s wants are limited.

Wants are always realized because individuals can easily obtain all they desire.

Needs include items like food, shelter, and clothing, which are necessary for survival.

Scarcity means that wants and needs are less than the resources available.

Choice involves taking decisions on how to allocate unlimited resources among competing uses.

Individuals on a low income may consider a car as a want.

Fundamental economic problem means that firms and governments do not need to make any choices.

Resources include inputs used for the production of goods and services.

In economics, a need is the same as a want.

Scarcity and choice are unrelated concepts in economics.

Each individual\’s scale of preference is influenced by culture, upbringing, and life experiences.

Some wants are considered luxuries and may not be essential for survival.

A millionaire\’s want may be a personal jet aircraft, which is an example of unlimited wants.

Businesses constantly finding new ways to produce more goods does not affect the fundamental economic problem.

Opportunity cost is not a consideration when making choices due to scarcity.