In the course of production, exchange and consumption of goods and services, every society has to face a scarcity of resources, and it is the scarcity of resources that gives rise to the problem of ______.

Choices

The correct answer is Option (2) → Choices

In every economy, resources such as land, labor, capital, and raw materials are limited, while human wants are unlimited. This scarcity of resources forces societies to make choices about how to allocate resources efficiently — such as what to produce, how to produce, and for whom to produce.