What are competing wants?

Updated: 12/17/2022
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Q: What are competing wants?
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The basic economic problem is that of allocating scarce resources among the competing and virtually limitless wants of?

Consumers In Society.

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Economics is the science of allocating scarce resources to satisfy man's unlimited, multiple, competing wants and needs.

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A conflict of desires occurs when an individual has competing or contradictory wants or goals. This can lead to internal turmoil or indecision as the person struggles to prioritize or fulfill these conflicting desires. Finding a balance or resolution between these competing desires may require introspection, compromise, or prioritization.

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