1. According to neoclassical economics, all human societies face the same problem, regardless of whether we are a primitive tribal community or a modern, highly advanced industrialized economy. The economic problem may be stated as:
   • how can society best transform scarce and limited economic resources with its given state of technology into goods and services in the presence of unlimited and insatiable human wants?

Can this problem ever be solved? How does neoclassical economics approach the issue? Please explain using at most one page