What is a choice in economics? Why a consumer needs to make a choice answer fast p l e a s e
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for buying something
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What is Economics?
Economy is a situation where two factors prevail- unlimited wants and scarcity of resources. Study of economy is called economics.
Why do Consumers Need to Make a Choice?
Consumers need to make a choice because
- Resources are scarce: The resources present on earth are not unlimited.
- Human wants are unlimited: Human wants are neevr satisfied. Even if you are the richest person on earth, you still can't fulfill all your wants.
- Limited Resources have alternate uses: For example, milk can be used to make curd, cheese or, it can be drank like milk.
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