In economic terms, the phrase "limited resources" refers to:

The phrase "limited resources" in economic terms specifically refers to the finite amount of inputs available for production. This concept encompasses various resources such as land, labor, capital, and raw materials that are required to produce goods and services. Since these inputs are not limitless, economies must make choices about how to allocate them effectively among competing uses.

This understanding of limited resources is foundational to the study of economics, as it drives the need for trade-offs and prioritization in production and consumption decisions. When resources are scarce, individuals and businesses must weigh their options carefully, leading to the fundamental economic problem of scarcity. This situation prompts concepts such as opportunity cost, where the cost of using a resource for one purpose is the value of what could have been produced with it instead.

In contrast, the other options do not accurately represent the concept of limited resources. Excess supply in the market refers to a situation where the quantity supplied exceeds the quantity demanded, which is a separate economic issue related to market equilibrium. Unregulated consumer demand speaks more to preferences and desires rather than the availability of resources. Overproduction of goods deals with scenarios where production exceeds demand but does not directly address the idea of resource availability.