Q1 of 20 Page 213

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The basic economic problems of every individual is ________ and __________ .

Scarcity and Choice

An individual must choose to allocate its limited resources to satisfy his/her wants, on a priority basis. E.g.: An Individual may have only limited money to eat in a restaurant or to buy a book, hence limited resource (scarcity), and a choice to make (book or restaurant).


More from this chapter

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1

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The word ‘Economics’ originates from the Greek root words…………and…………….

 1

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The activities that generate income are _____________ .

 1

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Micro Economics is the study of units.

 1

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Macro Economics is the study of units.