How is ‘choice’ a core parameter in the study of economics? – InterviewSolution

1.	How is ‘choice’ a core parameter in the study of economics?
Answer» Choice is the consequence of scarcity: Choice emerges when limited resources are to be used for the satisfaction of unlimited wants. A rupee cannot buy ten things when the price of each thing is Rs.1 You have to choose the thing you would prefer to have; you have to forego nine things in favour of the one thing you choose to have. Choosing one alternative and not choosing others is a problem of choice. It is also called Economic Problem; it stems out of scarcity.

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