EconomicsNEB 2082
Mention any two causes to arise problem of choice.
1Answer
The problem of choice arises due to the fundamental economic problem of scarcity and unlimited human wants. Here are two key causes:
Scarcity of Resources: Resources such as land, labour, capital, and entrepreneurship are limited in supply. Since these resources are insufficient to produce all the goods and services that people desire, individuals and societies must make choices about how to allocate them efficiently.
Unlimited Human Wants: Human wants are insatiable and diverse. People always desire more goods and services than what can be produced with the available resources. This creates a situation where individuals must prioritize and select among various alternatives to satisfy their needs and wants.
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