Q.Write a short note on: Choice Problem

The choice problem (problem of economising) arises because wants are unlimited while resources are scarce and can be put to alternative uses, forcing individuals and societies to choose which wants to satisfy and how to allocate their limited means.

Meaning

The problem of choice is the heart of economics. Human wants are unlimited, but the means (resources) available to satisfy them are limited and have alternative uses. Because all wants cannot be satisfied at once, a choice has to be made about which wants to satisfy first and how to use the scarce resources.

This gives rise to the central problems of what to produce, how to produce and for whom to produce. The need to choose, and therefore to give up one thing to get another, is the reason economics is often called the science of choice.

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