The fundamental economic problem faced by a society is that productive resources are so varied and versatile that it is hard to decide what to do with them.

The statement is false

Explanation:

Society faces the fundamental economic problem of scarcity: people have seemingly unlimited needs, but resources are limited. From this one fundamental problem three other important decisions follow:

What goods and services to produce with the scarce resources available. How to produce those goods and services. And the final question, perhaps the one that causes the most conflict is: for who to produce those goods and services, or how to distribute them.