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The two fundamental facts that together form the subject matter of Economics are that human wants are:
AUnlimited while resources are also unlimited
BLimited while resources are also limited
CUnlimited while resources are relatively scarce
DLimited while resources are relatively scarce
Answer & Solution
Correct answer: C. Unlimited while resources are relatively scarce
1. Economics rests on two core facts about wants and means.
2. First, human wants are unlimited.
3. Second, the means to satisfy them are relatively scarce.
4. Only the option pairing unlimited wants with scarce resources is correct.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 1 Unit I "Nature and Scope of Business Economics", p.1_
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