The necessity of choice is due to the fact that?

Assessment: JAMB UTME - Economics - 1994 Subject: Economics

Question 1 Report

The necessity of choice is due to the fact that?
Answer Details
The necessity of choice arises because of the scarcity of resources relative to the unlimited human wants and needs. This means that there are not enough resources to produce everything that people desire, so they must make choices about which goods or services they will consume and which they will forgo. Consumers have to make decisions about what they value the most and what they are willing to give up to obtain it, based on their own preferences and priorities. In other words, people have to make choices because they cannot have everything they want, and they have to decide what is most important to them. Therefore, the correct option is that "human wants are insatiable".

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