Scarcity is the fundamental economic problem. Since resources are limited but human wants are unlimited, every society must choose how to allocate these scarce resources among competing uses. This gives rise to the problem of choice, which is the central concern of economics.
gives rise to the problem of choice.
CUET UG 2023 — Economics Micro
2023mcqeasy
__________ gives rise to the problem of choice.
Official previous-year question
Verified 13 Jul 2026.
Options
- A
Cost
- B
Production
- C
Endowment
- D
Scarcity
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