"You have unlimited wants and limited resources to satisfy them." Explain this statement by giving two examples.

we have unlimited wants and limited resources to satisfy them. it means that our demands are unlimited,, we want everything but we don't have that much resources to satisfy our wants.
example- suppose you have 50 rs. and you want a notebook worth rs 50, a chocolate of 20 rs. and you want to go for movie and its ticket costs 30 rs.
now the problem of choice arises, you will have to go for either 1 or 2 of the commodities. here chocolate, notebook and ticket are your wants and 50 rs is your resource i.e your resources are not sufficient to satisfy your wants. 
  • 3
It is the problem of choice.for example you are having Rs 100 it is a resource which can be used for satisfying various wants like it can be used to buy a toy or some edible thing or it can also be used to deposit in bank etc all these actions are our wants . Here we can choose from a  variety of things which can de done i.e our wants here are unlimted but all we have is Rs 100 which is limted..
  • 2
Eg tomorrow is our exam and we have 10 rs. for buying  a pen but our eyes fall on a chocolate worth same rs. Sthough  we have confusion in mind though first priority is pen but still we may end up buying chocolate.
Limited resources Unlimited wants.
  • 1
What are you looking for?