Q.Write a short note on: Choice problem

The choice problem is the central economic problem that arises because wants are unlimited but resources are scarce and have alternative uses, forcing people to choose how to use their limited means. ## Meaning The choice problem (problem of choice) arises from the basic economic fact that: - human wants are unlimited, but - the resources (means) to satisfy them are scarce, and these resources have alternative uses. Because resources are limited and can be used in more than one way, every individual and society must decide which wants to satisfy first and how to allocate the scarce means among competing uses. This necessity of choosing is the problem of choice. Lionel Robbins based his definition of economics on this idea, calling economics the science that studies human behaviour as a relationship between unlimited ends and scarce means which have alternative uses. The problem of choice gives rise to the central problems of what to produce, how to pro …