Explain how unlimited desires and limited resources combine to create the need for economic analysis Assignment: Two of the most fundamental concepts in microeconomics are the assumptions that people have unlimited wants, and that resources to satisfy those wants are limited. Write a brief essay that answers the following questions:
1. What does it mean for individuals to have unlimited wants?
2. Why can’t individuals have everything they want?
3. How do unlimited wants and limited resources lead to individual choice in microeconomics?