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.
Similar Questions
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In IT, means that the data available in the database is both accurate and consistent.
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Important Questions from Fundamentals of Economy
- Which of the following statements is NOT correct regarding India after its adoption of new economic reforms in 1991?
- India initiated structural reforms in 1991 to address a severe balance of payments crisis. Which global institution played a key role in supporting India's 1991 reforms?
"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?
