Which of the following statement is true:-
a) Human wants are infinite.
b) Resources are limited.
c) Scarcity problem gives birth of choice.
d) All of the above.
Answers
Answer:
the answer will be d) All of the Above
Which of the following statement is true:-
a) Human wants are infinite.
b) Resources are limited.
c) Scarcity problem gives birth of choice.
d) All of the above.
Answer:-
All of the above.
Explanation:-
Every society faces the problem of scarcity of resources and that leads to the problem of choice. Therefore, choice is the central problem of any economy. There are four main reasons for economic problems in an economy. They are:
1) Human wants are unlimited.
2) Resources are limited.
3) Resources have alternative uses.
4) Resources have different priorities.
If there were unlimited resources in an economy to satisfy the unlimited wants, there would have been no economic problem at all.
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