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Scarcity and choise go together explain.

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Scarcity and choise go together explain.

Posted by Archana Sharma 4 years, 8 months ago

CBSE > Class 11 > Economics

1 answers

Sia ? 4 years, 8 months ago

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. Resources are not only scarce but also have alternative uses i.e., land can be used for producing wheat or for constructing warehouses or factories. Hence, it leads to a problem of choice. However, if resources were not scarce one could have anything, anytime and then there would have been no problem of choice.

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CBSE > Class 11 > Economics