Concept:Economics becomes necessary because human wants are unlimited, but the resources used to satisfy them are limited.
Explanation:Human beings have many competing needs and desires.
However, the resources available to produce goods and services are scarce.
This condition of limited means and unlimited ends is known as scarcity.
Scarcity forces individuals and society to make choices about resource allocation.
If resources were abundant, there would be no economic problem.
Therefore, economics studies how to allocate scarce resources among competing wants.
A large population does not by itself create the need for economics.
Opportunity cost is an effect of scarcity, not the main reason economics exists.
Since not every desire can be satisfied, choices must be made.
Thus, the need to study economics arises from scarcity.
Answer:B. Scarcity of resources