How is economic problems essentially the …
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Pragya Gupta 5 years ago
- 3 answers
Yogita Ingle 5 years ago
Economic Problem Problem of choice or a problem of allocation of resources is the major economic problem which arises due to scarce resources and alternative uses of resources. With this meaning we have several other aspects also to study which are:
(i) Scarcity It refers to the situation where demand for a good exceed its supply.
(ii) Choice It refers to the process of selection from available limited resources .
Or in more simple way
‘Scarcity causes choice’
‘Choice implies decision-making’
‘Decision-making’ relates to usage of limited resources in a manner that consumer maximises his satisfaction, producer maximises his profits and a nation maximises its social welfare.
Test
Related Questions
Posted by Charvi Charvi 1 year, 4 months ago
- 0 answers
Posted by Shiv Narayan Kumar 1 year, 4 months ago
- 1 answers
Posted by Mahi Bansal 1 year, 4 months ago
- 0 answers
Posted by Vivek Saroj 1 year, 4 months ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Pragya Gupta 5 years ago
1Thank You