Question

Fill in the blanks to complete the passage about our needs and wants and the resources available to satisfy them.
On one hand __________, are almost always limited, while on the other hand ___________, are practiclly unlimited. We describe this situation by saying that a condition of __________exists, which leads to a resource _________problem.
Options:
1. our wants and needs
2. resources
3. allocation
4. scarcity
5. plenitude

Answer 1

Answer:

2. resources 

1. our wants and needs

4. scarcity

3. allocation

Explanation:

Our wants and needs are unlimited yet resources are limited. Rational economic agents now engage in resource allocation to allocate limited resocurces to wants and needs that would yield the highest utility.