'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
Human wants are numerous but the resources needed to satisfy them are limited
Given numerous wants and limited resources only individuals and businesss firms make choice
The process of making a choices involves opportunity cost
An economist is not interested morality or otherwise of any choice so made
Usually choice is made from a list of wants compliled in the context of a scale of preference
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Let's say numerous wants for Tecno spark 4 and limited resources for Tecno spark 4
Can't permit an individual that needs Tecno spark 4 to make a choice because numerous wants of Tecno spark 4 and limited resources can lead to scarcity
During scarcity they are no choices but substitute and the substitute and be Tecno spark 5,7 or 8
