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| 1. |
Why is choice essential in the study of economics?? |
| Answer» 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....<br>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 | |