"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.
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.