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1. Does the phrase "unlimited wants and limited resources" apply to both a low-income household and...

1. Does the phrase "unlimited wants and limited resources" apply to both a low-income household and a middle-income household? Can the same phrase be applied to a very high-income household?

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Answer #2

Economics is the study that revolves around two problems- Unlimited wants and limited resources. The human perform economic activity to satisfy unlimited need with the help of limited resources. No human being is exception of this. Therefore, the phrase , Unlimited wants and limited resources is applied to low-income household ,a middle-income household and very high-income household. The reason is that resources are limited and cannot be increased with increase in demand by humans.

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