Economics\xa0is sometimes\xa0called\xa0the\xa0study of scarcity\xa0because\xa0economic\xa0activity would not exist if\xa0scarcity\xa0did not force people to make\xa0choices. When there is\xa0scarcity and choice, there are costs. The cost of any\xa0choice\xa0is the option or options that a person gives up.\xa0Choice\xa0refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to chose\xa0is\xa0regarded as a fundamental indicator of\xa0economic\xa0well being and development.
Why is choice essential in the study of economics
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Yasmin Gajendra Nagar
Asked: 3 years ago2022-11-03T21:30:05+05:30
2022-11-03T21:30:05+05:30In: Class 11
Why is choice essential in the study of economics??
Why is choice essential in the study of economics??
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Arjun Aditya Bhattacharyya
Asked: 3 years ago2022-11-03T05:07:33+05:30
2022-11-03T05:07:33+05:30In: Class 11
Why is choice essential in the study of economics?
Why is choice essential in the study of economics?
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Yogesh Jain
Asked: 3 years ago2022-11-01T03:12:10+05:30
2022-11-01T03:12:10+05:30In: Class 11
Why is choice essential in the study of economics ?
Why is choice essential in the study of economics ?
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This is correct or wrong
Economics is a science which deal with allocation of scarce resources in a systematic manner inorder to meet our unlimited wants
Because the scarcity of resources gives rise to the problem of choice… and economics is all about how we utilise our scarce resoures to get maximum satisfaction….
Economics is sometimes called the study of scarcity because economic activity would not exist. If scarcity did not force people to make choices. When there is scarcity and choice,there are costs. The cost of any choice is the option or options that a person gives up.Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to close is regarded as a fundamental indicator of economic well being and development