Economics is about the allocation of scarce (Limited) resources amongst the alternatives ends to meet the unlimited wants
⇒ The basic economic problem arises because resources are scarce, whereas the needs, wants and desires of consumers are unlimited. Any resource that are not scarce are called free goods
It is an approved statement with consensus
It is about facts and figures reports
It emphasizes on problems/Gaps/Lacking
Pakistan Education
Is not up to the mark
Government must work to improve the literacy rate
Choices are wide ranged but options are the final choices to choose
we can say Many choices vs Limited Options/ Limited Resources
Anything used in production and distribution