How thescarcity and problems of choice go togather. explain?
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Because of scarcity, choices have to be made by consumers, businesses and governments. For example, over six million people travel into London each day and they make choices about when to travel, whether to use the bus, the tube, to walk or cycle – or whether to work from home. Millions of decisions are being taken, many of them are habitual – but somehow on most days, people get to work on time and they get home too!
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Resources having alternative uses compels every individual and society to make choices in the use of resources in order to obtain maximum satisfaction. Clearly choice arises because of scarcity. Thus scarcity and choice go together.
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