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 3 years, 4 months ago
- 3 answers
Yogita Ingle 3 years, 4 months 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.
Related Questions
Posted by Shubham Singh 1 month, 1 week ago
- 2 answers
Posted by Aditya Bhai 1 month, 1 week ago
- 0 answers
Posted by Naina Chaudhary 1 month ago
- 1 answers
Posted by Dxdeniel Deepanshu 1 month, 1 week ago
- 0 answers
Posted by Anupom Pradhan 1 day, 15 hours ago
- 0 answers
Posted by Dasi Meghana 1 month ago
- 3 answers
Posted by Jaspreet Kaur 2 weeks, 3 days ago
- 1 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 3 years, 4 months ago
1Thank You