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In economics the choice to do something is also the choice to not do something?
Wiki User
∙ 9y ago
Yes, when you choose to do one activity over another your forego the benefits of the other option. This is considered opportunity costs.
Wiki User
∙ 9y ago
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In economics the choice to do something is also the choice to not do something else.?
secondary effect
What is choice in economics?
choice is giving preference to your needs.
Economics is the study of scarcity and choice-Examine this statement?
Yes, Economics is the study of scarcity and choice.
Economics is the science of scarcity and choice explain?
That description fails to account for the fact that so much human activity under capitalism is matter of being forced to do something, not a matter of choice. For instance, the majority of people are forced to sell their ability to work for a wage. And scarcity is an artificial situation caused by capitalism’s rule of no profit- no production.
Why economics called the science of choice?
Because most people don’t realise that most economic ‘choices’ are really forced on people, who have little real choice in deciding what to do.
Is economics the choice to do something is also the choice to do not do something else?
secondary effect
In economics the choice to do something is also the choice to not do something else.?
secondary effect
In economics the choice to do something is also the choice to not do something else?
Opportunity cost is the choice to do something but choosing that requires you not to something else.
What is choice in economics?
choice is giving preference to your needs.
What has the author Nick Wilkinson written?
Nick Wilkinson has written: 'An introduction to behavioral economics' -- subject(s): Rational choice theory, Economics, Psychological aspects 'An introduction to behavioral economics' -- subject(s): Economics, Psychological aspects, Psychological aspects of Economics, Rational choice theory 'An introduction to behavioral economics' -- subject(s): Rational choice theory, Economics, Psychological aspects
Economics is the study of scarcity and choice-Examine this statement?
Yes, Economics is the study of scarcity and choice.
Economics is the science of scarcity and choice explain?
That description fails to account for the fact that so much human activity under capitalism is matter of being forced to do something, not a matter of choice. For instance, the majority of people are forced to sell their ability to work for a wage. And scarcity is an artificial situation caused by capitalism’s rule of no profit- no production.
What is economising?
economising is the process of choice in business economics
Why economics called the science of choice?
Because most people don’t realise that most economic ‘choices’ are really forced on people, who have little real choice in deciding what to do.
Fundamental concepts underlying the discipline of economics?
Scarcity and Choice
What term applies to the statement the choice to do something is the choice not to do something else?
Opportunity cost applies to the statement the choice to do something is the choice not to do something else.
What term applies to the statement the choice to do something is the choice to not do something else?
Opportunity cost applies to the statement the choice to do something is the choice not to do something else.
