Question

Scarcity and choice go hand in hand. In fact issue of choice arises because resources are

scarce. Explain the issue of scarcity and choice with the help of an example.​

Answer 1

Answer:

Economic resources are scarce. Faced with this scarcity, we must choose how to allocate our resources. Economics is the study of how societies choose to do that. Microeconomics focuses on how individuals, households, and firms make those decisions.

Explanation:

Scarcity :-The fact that there is a limited amount of resources to satisfy unlimited wants

Scarcity and Choice :

Scarcity is why economics exist: we wouldn't have to worry about how scarce resources are allocated if those resources were unlimited. It should be emphasized that economics is primarily concerned with the scarcity of resources.

Answer 2

Answer:

this question is from which book

Explanation:

pls telll