Scarcity and Choice, Allocation of Resources, Concept of Production Possibility Curve (PPC)
Scarcity and choice are the basic problems in economics. This concept was introduced by Prof. Lionel Robbins, A British economist as well as s a member of London school of economics, in the decade of 1903s. Allocation of resources is defined as the process of selection of resources and their proper utilization. Various types of resources are required to produce goods and services.