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Eco Economics

EconomicsNEB 2082

Mention any two causes to arise problem of choice.

1

Answer

· Based on the official syllabus and past papers
Updated

The problem of choice arises due to the fundamental economic problem of scarcity in relation to unlimited human wants. Here are two key causes:

  1. Limited Resources: Resources such as land, labour, capital, and entrepreneurship are limited in supply. Since these resources are scarce, individuals, firms, and societies must make choices about how to allocate them efficiently among competing uses. For example, a farmer may have limited land but must decide whether to grow food crops or cash crops.

  2. Unlimited Wants: Human wants are virtually unlimited and ever-increasing due to population growth, changing tastes, and technological advancements. People desire more goods and services than what can be produced with the available resources, forcing them to prioritize and make choices. For instance, a student may want to buy both a laptop and a smartphone but can afford only one due to budget constraints.

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