It is impossible to satisfy all human wants because?

Assessment: JAMB UTME - Economics - 1993 Subject: Economics

Question 1 Report

It is impossible to satisfy all human wants because?
Answer Details
It is impossible to satisfy all human wants because the available resources are limited. Human wants are unlimited and keep increasing, but resources like land, labor, capital, and entrepreneurship that are used to produce goods and services are finite. As a result, people have to make choices about what they want to consume based on their level of income and the availability of resources. This is known as the problem of scarcity, and it means that people cannot have everything they want, leading to the need to make choices and trade-offs.
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