Question

Choose the correct answer from the following choices. Multiple Choice

As long as there is scarcity a choice is never an issue.

As long as there is scarcity a choice is never considered.

As long as there is scarcity a choice has to be made

. As long as there is scarcity there will be no choice to make.

Answer 1

As long as there is scarcity a choice has to be made

Note: The very rationale behind the study of economics is that choices do exist as long as scarcity exists. Suppose for example there is no scarcity and resources needed are abundant in nature, then no one has to make a choice, no need of a comparison, no cost to incur and so on.

The very concept of scarcity gives rise to the situation of making choices. As we know human wants are unlimited and the resources to meet these wants are limited. Hence we all need to make choices as resources are scarce.