Question

'दुर्लभता' एवं 'चुनाव' शब्द आपस में कैसे जुड़े हैं ?
How are terms 'Scarcity' and 'Choice' related to each other
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Answer 1

Answer:

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Answer 2

The terms 'Scarcity' and 'Choice' are related to each other as

• Scarcity pertains to the limited nature and availability of resources while choice pertains to the decision of people about dealing with and using those resources.

• The issue of scarcity and choice fabricates the extremely essence of economics, which is the study of how people and communities choose to distribute scarce resources.

• The scarcity of a resource in a specific subject can be quantified and thus assessed objectively. Initially, economists have also researched on choices of individuals over scarce resources as though they were taken through reasonable, accurate and rational calculation.

• The rapidly expanding subfield of behavioural economics pertains to insights from human psychology for enriching economists’ knowledge of choice at a more nonobjective level.

• The fundamental of supply and demand confides us that the price of an unusual item will be higher than that of an ordinary one. Marketing teams frequently correlate the concepts of scarcity and choice along with notions from psychology for earning money.

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