Scarcity and choice are inseparable. Discuss
Yes, scarcity and choice are inseparable. It is further cleared by the following:
1. At Consumer Level: Here scarcity is limited income and choice is using the income in such a way that a consumer gets maximum satisfaction from it.
2. At Producer Level: Here scarcity is limited resources and choice is allocation of resources in way that there is maximum production of a commodity and a producer gets maximum profit.
3. At Country Level: Here scarcity is limited natural resources and choice is allocation of national resources in such a manner that there is maximisation of social welfare at the level of country as whole.