Question

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Ques: How is an economic problem a problem of choice ?(3 marks)

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Answer 1

Hey user here is Answer

explanation

The Problem of Choice: ADVERTISEMENTS: ... Therefore, scarcity of resources gives rise to the fundamental economic problem of choice.

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Answer 2

The Economic problem,"There are infinite wants but finite resources", –sometimes called basic or central economic problem – asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity.