Problem of choice is unavoidable in the ordinary business of life. How
Answers
Yes, it is rightly said that the problem of choice is unavoidable in the ordinary business of life. In Economics, the problem of choice making is called an economic problem. The problem of choice making arising out of limited means and unlimited wants. It is concerned with the choice of technique production.
Explanation:
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Answer:
Resources are not only limited, but also have alternative uses. Alternative uses means that they can be put into many uses. For example, land can be Used for cultivation. It can be used for constructing a house or a factory. Because resources are scare, we have to choose how the resources are to be used so that we can have the best satisfaction.
Explanation:
Before explaining the problem, it is necessary to understand the meaning of ordinary business of life. *Ordinary business of life:- It means conducting economic activities to gain profits within minimum resources. These activities are associated with day to day life and for monetary gains. It is true that the problem of choice is unavoidable in the ordinary business of life. We want various resources but we have limited resources due to which we face a paradigm of scarcity. Due to the scarce resources, we have to buy those things which are very important for us. It can be understood by the following example:- Suppose Mr. Kapoor wanted to buy a sofa and a refrigerator. Both the items cost about 78000 rupees. But, he had only 50,000 rupees due to which he was able to buy only one thing that he wanted the most. Thus, Mr. Kapoor faced a problem of choice.