Which of the following statement/statements are true? Statement 1: No individual has unlimited resources compared to his needs . Statement 2: Everybody has to use limited resources in best possible manner to fulfill their needs.

Both the statements are true. Both the statements are false Statement 1 is true and Statement 2 is false Statement 2 is true and Statement 1 is false

Both the statements are true.

In any economy, resources are scarce as compared to needs of the citizens. Hence, these limited resources need to be allocated and utilized in most optimum manner.