Basic concepts of Economics - Choice
3. Choice: Choice is the act of selecting one out of a number of alternatives. Human wants are many and we cannot satisfy all of them because of our limited resources. We, therefore, decide which of the wants we can satisfy first. Choice arises as a result of scarcity of resources. Since it is difficult to produce everything one wants, Choice has to be made by taking up the most pressing wants for satisfaction based on the available resources.