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choice involves selecting for which good or service to go for or the best alternative.
Wiki User
∙ 11y ago
Wiki User
∙ 10y agobecause it's what you give up when you make your decision
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In macroeconomics choice implies?
Opportunity cost
Why must there be an opportunity cost for every choice you make?
There must be an opportunity cost for every choice you make because, it helps you choose the commodity you need most.
How does opportunity cost affect choices?
Opportunity cost refers to the highest-valued option forgone.When one particular choice's cost increases, people have lower incentive to choose that choice as people tend to choose a least-cost option.
How is opportunity cost calculated?
finding the value of the best choice that is not chosen
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.
In macroeconomics choice implies?
Opportunity cost
Why must there be an opportunity cost for every choice you make?
There must be an opportunity cost for every choice you make because, it helps you choose the commodity you need most.
What is the value of a persons second choice called?
opportunity cost
How are the concepts of scarcity choice and opportunity cost related?
No, scarcity, choice and opportunity are not related to cost. All of these aspects of business are related to availability. Sometimes, costs plays a role though.
How does opportunity cost affect choices?
Opportunity cost refers to the highest-valued option forgone.When one particular choice's cost increases, people have lower incentive to choose that choice as people tend to choose a least-cost option.
How is opportunity cost calculated?
finding the value of the best choice that is not chosen
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.
What were main economic activities of tribal people?
demand, choice and opportunity cost
What are the 3 main elements of economic problem?
Scarcity, choice, opportunity cost
What are the basic economic concepts illustrated by a PPC?
scarcity,choice and opportunity cost
Why does choice arise in economics. Use an example to discuss the concepts of choice and opportunity cost?
why don't you get on with the coursework question.
