Economy, asked by rachnarakeshgangta, 1 month ago

How are terms 'scarcity' and 'choice' related to each other?​

Answers

Answered by bipulpandit2006
7

Answer:

Explanation:

Scarcity refers to the finite nature and availability of resources while choice refers to people's decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.

Answered by neetuguptaynr
2

Answer:

Scarcity refers to the finite nature and availability of resources while choice refers to people's decisions about sharing and using those resources. The problem of scarcity and choice lies at the very heart of economics, which is the study of how individuals and society choose to allocate scarce resources.

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