Which of the following is not concerned with the problem of choice?

Excessive Income.

The correct answer is Option (4) → Excessive Income.

The problem of choice in economics arises because of the following three core reasons:

1. Unlimited wants – Human wants are endless.

2. Limited (scarce) resources – Resources to satisfy these wants are limited.

3. Alternative uses of resources – The same resources can be used for different purposes.

Because of these, individuals and societies must make choices about how to allocate resources efficiently.