You have unlimited wants and limited resources to satisfy them explain by giving an example.
We the human beings always want more of anything. If we have Nano car we will think of buying Swift nd after buying swift we will think of Audi.This is human\’s nature.So our demands or wants are unlimited.And a person has fixed income or money upto some limit.No one can buy everything from that money. Even Ambani cannot do so.With 500₹ one can buy school bag for himself or can buy new t-shirt for frnd\’s bddy party. So this suggests that human wants are unlimites while means are limited.hope u will get help from this.
We have unlimited wants and limited resources. For example, If we have more pocket money to spend then we can get all the things according to our wish but if we have less pocket money then we have to choose only those things that we want the most. For example, there are two goods in the economy; wheat and shoes. Then we have to choose the good that we want the most because of limited resources and unlimited wants. Scarcity is the root of all economic problems.