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Introduction of Micro-Economics — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsIntroduction of Micro-Economics3 Marks
Question
Explain how scarcity and choice go together.
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Answer

Resources are not only scarce, but also have alternative uses. Land can be used for producing wheat or for constructing warehouses. Hence, the problem of choice is the essence of an economic problem. However, if resources were not scarce, one could have everything at any time and there would be no problem of choice.

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