SSC CGL Exam  >  SSC CGL Videos  >  SSC CGL Tier 2 - Study Material, Online Tests, Previous Year  >  Learning: Scarcity and Choice Problem

Learning: Scarcity and Choice Problem Video Lecture | SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1365 videos|1312 docs|1010 tests

Top Courses for SSC CGL

FAQs on Learning: Scarcity and Choice Problem Video Lecture - SSC CGL Tier 2 - Study Material, Online Tests, Previous Year

1. What is scarcity and why is it important in economics?
Ans. Scarcity refers to the limited availability of resources in relation to unlimited wants and needs. It is an essential concept in economics because it forces individuals, businesses, and governments to make choices and prioritize how resources are allocated.
2. How does scarcity relate to the choice problem?
Ans. Scarcity gives rise to the choice problem, which involves deciding between different alternatives due to limited resources. When resources are scarce, individuals and societies must make trade-offs and choose the most desirable option given the constraints they face.
3. What are the consequences of not addressing the scarcity and choice problem?
Ans. Failing to address the scarcity and choice problem can lead to inefficient resource allocation, economic inefficiency, and missed opportunities. It can result in wastage of resources, unequal distribution of goods and services, and hinder overall economic growth and development.
4. How do individuals make choices in the face of scarcity?
Ans. Individuals make choices in the face of scarcity by evaluating the costs and benefits of different options. They consider their preferences, available resources, and the opportunity cost of choosing one option over another. Rational decision-making based on subjective preferences and cost-benefit analysis is typically employed.
5. Can scarcity and the choice problem be completely eliminated?
Ans. Scarcity is an inherent characteristic of limited resources and unlimited wants, making it impossible to completely eliminate. However, through efficient resource allocation, technological advancements, and effective decision-making, the impact of scarcity can be mitigated. It is an ongoing challenge that requires continuous evaluation and adaptation.
1365 videos|1312 docs|1010 tests
Explore Courses for SSC CGL exam
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Related Searches

practice quizzes

,

Online Tests

,

Online Tests

,

Learning: Scarcity and Choice Problem Video Lecture | SSC CGL Tier 2 - Study Material

,

Previous Year

,

Extra Questions

,

study material

,

Previous Year

,

Exam

,

MCQs

,

ppt

,

Viva Questions

,

shortcuts and tricks

,

mock tests for examination

,

pdf

,

Summary

,

Learning: Scarcity and Choice Problem Video Lecture | SSC CGL Tier 2 - Study Material

,

Semester Notes

,

Online Tests

,

Sample Paper

,

Important questions

,

Learning: Scarcity and Choice Problem Video Lecture | SSC CGL Tier 2 - Study Material

,

past year papers

,

Objective type Questions

,

Previous Year Questions with Solutions

,

video lectures

,

Free

,

Previous Year

;