Which of the following gives rise to the problem of choice?
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Shift 07/06/2023 3:30 PM - 6:30 PM
Correct Answer
Detailed Explanation
1. The problem of choice arises primarily due to the condition of scarcity. Scarcity implies limited availability of resources compared to unlimited human wants and needs. As a result, individuals, businesses, and societies are forced to make choices regarding the allocation of these scarce resources to fulfill their diverse needs and wants.
2.The other options, such as production, consumption, and distribution, are all related to the economic activities that take place as a response to the problem of scarcity. However, it is scarcity itself that necessitates making choices and trade-offs between competing alternatives, leading to the problem of choice.
Hence, the correct option is (3) Scarcity.
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