Grade 11 Exam > Grade 11 Videos > Economics for Grade 11 > Learning: Scarcity and Choice Problem
Learning: Scarcity and Choice Problem Video Lecture | Economics for Grade 11
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FAQs on Learning: Scarcity and Choice Problem Video Lecture - Economics for Grade 11
| 1. What is the scarcity and choice problem? |  |
Ans. The scarcity and choice problem refers to the fundamental economic issue of limited resources versus unlimited wants. It is the situation where people have unlimited desires but the resources necessary to satisfy those desires are limited.
| 2. How does scarcity impact decision-making? | |
Ans. Scarcity forces individuals, businesses, and governments to make choices about how to allocate their limited resources. This can lead to trade-offs and opportunity costs, where choosing one option means sacrificing another.
| 3. What are some examples of scarcity in daily life? | |
Ans. Examples of scarcity in daily life include limited time, money, food, and natural resources. For instance, a person may have to choose between spending time with family or working overtime to earn more money due to time scarcity.
| 4. How do individuals and businesses address the scarcity and choice problem? | |
Ans. Individuals and businesses address the scarcity and choice problem by prioritizing their needs and wants, setting goals, budgeting their resources, and making informed decisions based on their preferences and constraints.
| 5. How can governments mitigate the effects of scarcity on society? | |
Ans. Governments can mitigate the effects of scarcity on society by implementing policies such as providing public goods and services, regulating markets, promoting competition, and redistributing resources through taxes and welfare programs.
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Nov 23, 2024 Last updated |
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