How is economic problems essentially the problem of choice

1.	How is economic problems essentially the problem of choice
Answer» Dhruv no need for that .Forget that<br>Thanks yogita ?<br>Economic Problem\xa0Problem 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\xa0It refers to the situation where demand for a good exceed its supply.(ii) Choice\xa0It 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.

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