How scarcity and choice go together …
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Yogita Ingle 5 years, 2 months ago
Micro economics deals with the study of how resources are allocated in the production of various goods and services in the economy for the satisfaction of human wants because these resources are scarce and have alternative uses and human wants are unlimited. Since these resources are scarce and have alternative uses, their allocation in the production of different commodities is a choice factor which needs to be done efficiently.
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