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InterviewSolution
| 1. |
"Scarcity and Choice go together commodity. |
| Answer» <html><body><p></p>Solution :We live in a world of scarcity. All of us want better food, clothing, housing, schooling entertainment, <a href="https://interviewquestions.tuteehub.com/tag/etc-975753" style="font-weight:bold;" target="_blank" title="Click to know more about ETC">ETC</a>. But resources are not enough to meet all our <a href="https://interviewquestions.tuteehub.com/tag/wants-1448762" style="font-weight:bold;" target="_blank" title="Click to know more about WANTS">WANTS</a>. Even the richest economy (like U.S.A.) cannot satisfy all the <a href="https://interviewquestions.tuteehub.com/tag/needs-1112903" style="font-weight:bold;" target="_blank" title="Click to know more about NEEDS">NEEDS</a> of people. It <a href="https://interviewquestions.tuteehub.com/tag/means-1091780" style="font-weight:bold;" target="_blank" title="Click to know more about MEANS">MEANS</a>, scarcity of resources is a common feature of very economy and it gives <a href="https://interviewquestions.tuteehub.com/tag/rise-1189674" style="font-weight:bold;" target="_blank" title="Click to know more about RISE">RISE</a> to the problem of choice, i.e., how to make the best possible use of available resources. If resources were available in plenty there would not have been any problem of choice. Hence, economics is concerned with the problem of choice under the condition of scarcity</body></html> | |