Question

Explain with the help of an appropriate example that scarcity and choice go together.

Answer 1

scarcity employees that people must make a choice to give up one thing in order to get some other thing limited resources for individuals and societies to choose it is easy to find out with examples of how scarcity gives rise to choice the students of to choose between buying a hamburger or a cold drink with a given pocket money the people of a country must choose between spending more health and health care or more and other things a government with the given amount of resources have to choose between using more resources for the production of military goods are in the providing education scarcity is a fact of life for the individuals for families for government for our economy is an even for the whole world scarcity forces all of them to pick and choice does economic problem is a problem of relative scarcity and the problem of choice is in the air form in fact some economist like Lionel Robbins have define economics in the term of scarcity and choice why does economic problem arise it arises because of the unlimited once the limited resources and the resources which have on which have the alternative uses economic problem of the problem of choice is a Universal problem what is true for individual is also true for economy economy it be must be a capitalist socialist developer and they blocked as to face this economic problem if maybe a hard choice in case of underdeveloped economy we have to face this problem but basic problems or central problems we mean the economic problems that a fundamental and common to all the economics what to produce how to produce and for whom to produce their basic problems problem of fuel utilisation of resources efficient use of resources the problem of economic so dear friends I want to tell that this time because it has grown up in India as well as the many parts of India skills it is a fundamental problem of every society skills that is the situation when people wants exit