A basic concept in economics is that all resources are:

• A. always renewable and never depleted
• B. unlimited and freely available to everyone
• C. created by government intervention
• D. limited and must be allocated among competing uses

Answer: (D)

Verified step by step guidance

1. Understand the concept of resources in economics: Resources refer to inputs used to produce goods and services, such as land, labor, capital, and entrepreneurship.
2. Recognize that resources are scarce, meaning they are limited in quantity and cannot satisfy all human wants simultaneously.
3. Learn that because resources are limited, they must be allocated efficiently among competing uses to maximize their value and meet various needs.
4. Identify that the statement 'limited and must be allocated among competing uses' reflects the fundamental economic problem of scarcity and choice.
5. Conclude that the other options are incorrect because resources are not always renewable, not unlimited or freely available, and are not simply created by government intervention.