Economic choice involves the selection of the preferred option from all possible. At any given moment in time, the limitations of various sources necessary for the implementation of the subject's activity can be traced, which forms some objective boundary for production capabilities.
Economic resources and the problem of choice are a constant dilemma facing specialists in this field. Moreover, this issue should not be considered in their limitations. The occurrence of such a shortage can be acutely felt to meet the needs of each individual.
Economic choice exists in almost all countries (developing and developed, poor and rich). Residents of any state are eager to receive more services and benefits. In reality, not all available resources are exploited by humanity. Therefore, sources previously used may turn into unnecessary or “unnecessary”. A good example during the period of economic recession is an excess of labor.
Economic choice is able to determine the rarity of resources in relation to the infinity of human needs, which are characterized by constant growth and change in the process of expanding the market and the development of economic activity and society.
This problem is further complicated by the fact that sometimes there is limitedness in individual sources (for example, minerals) or their irreproducibility. So, modern mankind has not yet invented a way to restore such reserves. Therefore, economic choice should be aimed at those resources that can be reproduced. For example, on the site of a cut down vineyard, you can plant new young and healthy plants. However, for them to begin to bear fruit, it will take some time.
In the scientific literature, the situation of economic choice has been touched on more than once, since it is able to influence further social development. Some authors of such publications emphasize the relativity of limited wealth and resources. In other words, the period of exhaustion of a particular source is determined by the efficiency of its use by society.
All economic resources from the position of their role in the production process are divided into natural, investment and labor.
Other authors drew attention to the absolute and relative limitations of such sources. Moreover, on the second question, they should be consistent with the opinion of the scientists mentioned above. But absolutely limited resources they are defined as those that can be replaced by others. The opinion of the authors of the first concept sounds more convincing, thanks to the continuous improvement of modern technology. They will make it possible today to use non-waste production, which is able to preserve business sources.
