The Basic Economics Problem

The Basic Economics Problem The highlighted sentence are copying from the textbooks Scarcity ? the resources that are limited in supply so that people have to make choice to buy them. Free Goods - the resources that are unlimited in supply, like air and water on the earth. Economics Goods - the resources that are limited in supply and they are scarce. People have infinite needs and wants but there are limited resources on the earth, so that people have to make choice and have the trade-off when buying the resources. E.g. People want a big house or big flat, but there are limited lands (resources). They want so expensive food like shark fins but there are limited shark for hunting.