What is the relationship between wants and resources? A. Wants are developed by an individual's self-interest while resources are developed by empirical analysis. B. Resources are used to produce things that satisfy people's wants. C. Wants are studied in macroeconomics and resources are studied in microeconomics. D. The wants of an individual determine the amount of money (resources) that they will need to earn.

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Business

Roderick Barajas

3 September, 02:37

What is the relationship between wants and resources? A. Wants are developed by an individual's self-interest while resources are developed by empirical analysis. B. Resources are used to produce things that satisfy people's wants. C. Wants are studied in macroeconomics and resources are studied in microeconomics. D. The wants of an individual determine the amount of money (resources) that they will need to earn.

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Ellis Myers · Answer 1

the correct answer is B. Resources are used to produce things that satisfy people's wants.

Explanation:

Wants are the ways we satisfy our basic needs such as food, water, shelterm clothing, etc.

Wants are unlimited. Also, they can be created by businesses as well. However, resources are limited. Most of the resources are given from the nature while some resources have been developed through the human intervention.

Resources are the basic input to produce the necessary things to satisfy the human wants. this conversion process of the resources is generally called the "production".