Question

7. Why does an individual need resources.
8. What is the problem of choice?
9. Mention the factor that gives rise to the problem of choic
10. What is meant by the problem of allocation of resources
11. What is meant by production possibility curve?
12. What does slope of PPC show?
13. Give one reason for a rightward shift of the production p
14. Define opportunity cost.
15. Define marginal rate of transformation.
16. What is a market economy?
17. What is a mixed economy?
troll planned economy? jo​

Answer 1

Answer:

8) answer____Problem of choice refers to the allocation of various scarce resources which have alternative uses that are utilized for the production of various commodities and services in the economy for the satisfaction of unlimited human wants.