Explain how unlimited desires and limited resources combine to create the need for economic analysis
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. To show proficiency on course learning objective # 1, please write an 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?
A minimum of 130 words is required in answering each question for a total of 390 words. Please ensure you are providing support for your answers and include references in APA format.