The problem of choice arises on account of the pressure of three interrelated facts, viz, human wants are unlimited, means required to satisfy these wants are limited and ____.
Means are capable of being put to alternative uses
The correct answer is option 3. The problem of choice arises because resources (means) are scarce and can be put to alternative uses. This is a fundamental concept in economics where scarcity of resources forces people to make choices about their allocation.
Important Questions from Fundamentals of Economy
The meaning of _______ is freedom for economic decisions, which means that all the producers, owners and consumers of factors of production are free to take their decisions to promote their self-interest.
"What to produce?" is a basic problem faced by an economy under which of the following central problems?
In which type of economy social justice is accorded higher priority than profit maximization?
Which industry is also known as basic industry?
Which of the following industry is NOT reserved for the public sector after New Economic Policy of 1991?
