‘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
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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