The central problem of economics is to satisfy the people’s and nation’s wants. The problem we are faced with is that our (1) , here identified as money, are (2) . The only way we can resolve our (3) is to make choices. After looking at our resources, we must examine our list of (4) and identify the things we need (5) , those we can postpone, and (6) we cannot afford. As individuals, we face the central problem involved in economics — deciding just how to allocate our limited resources to provide ourselves with the greatest (7) of our wants.
Nations face the same problem. As a country’s population (8) , the need for more goods and services grows (9) . Resources necessary to production may increase, but there are (10) enough resources to satisfy the total desires of a (11) . Whether the budget meeting is taking place in the family living-room, in the conference room of the
The central problem of economics is to satisfy the people’s and nation’s wants. The problem we are faced with is that our (1) , here identified as money, are (2) . The only way we can resolve our (3) is to make choices. After looking at our resources, we must examine our list of (4) and identify the things we need (5) , those we can postpone, and (6) we cannot afford. As individuals, we face the central problem involved in economics — deciding just how to allocate our limited resources to provide ourselves with the greatest (7) of our wants.
Nations face the same problem. As a country’s population (8) , the need for more goods and services grows (9) . Resources necessary to production may increase, but there are (10) enough resources to satisfy the total desires of a (11) . Whether the budget meeting is taking place in the family living-room, in the conference room of the
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