Question

Mention the factor that gives rise to the problem of choice in economics

Answer 1

Answer:

Mention the factor that gives rise to the problem of choice in economics

Explanation:

Therefore, scarcity of resources gives rise to the fundamental economic problem of choice. As a society cannot produce enough goods and services to satisfy all the wants of its people, it has to make choices. A decision to produce one good requires a decision to produce less of some other good.

Answer 2

Answer:  The factors that gives rise to the problem of choice in economics are :-

1. Wants are unlimited
2. Resources are scarce and
3. Resources have alternative uses