Concept of Scarcity and Choice
Human wants are unlimited but resources are limited. So, today’s economist have to deal with a wide range of economic problem like poverty, unemployment, inflation, and shortage of high skilled labour, problems of global warming, and many other problems. This is the fact that we have scarce resources to satisfy our unlimited wants. As a result of this problem, the next problem scarcity creates is to make a choice for all. So, scarcity and choice are the basic problems in economics. A situation i
