Explain how scarcity and choice go together
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Explain how scarcity and choice go together. Resources are not only scarce, but also have alternative uses. Land can be used for producing wheat or for constructing warehouses. Hence, the problem of choice is the essence of an economic problem.
Explain how scarcity and choice go together. Resources are not only scarce, but also have alternative uses. Land can be used for producing wheat or for constructing warehouses. Hence, the problem of choice is the essence of an economic problem.
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Due to the scarcity of resources with various uses, each individual and society must make judgments about how to effectively use resources to maximise enjoyment. Choice is unmistakably a result of scarcity. As a result, scarcity and choice are inextricably linked.
For example:
If you choose to read this text instead of playing a computer game, the cost of reading this text is the satisfaction you would have gotten from playing the game.
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