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In economics the choice to do something is also the choice to not do something else.?
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∙ 7y ago
secondary effect
Brandon Pagac
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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.
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
What is required when a trade-off is necessary?
A trade-off requires you to give up one thing in order to get something else. This can happen often in economics, and the way that the free market works.
Why is choice fundamental to economic behavior?
choice is a basic fundamental problem of economic,every individual has to make a rational decision to choose between two alternatives because of scarcity of resources,the major problem that made choice exist is because scarcity of resources if for example resources for satisfying human wants are available there will be no need of making any choice.i believe that if choice arises because of scarcity,the major solution is making a choice or arrange your want according to preference and choose the most important one.
How are economics used everyday?
People make descisions every day, whether its what to buy in the shops or what to watch on TV something has to be given up in order to have something else. Supply and demand are economic terms used to describe trends in business but it can also be used to describe a situation at home eg. when your hungry your body is demanding food therefore when you eat you are supplying that demand with food. Economics is a vast and interesting subject so the list is endless so these are just a few examples.
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?
Opportunity cost is the choice to do something but choosing that requires you not to something else.
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.
When you die of cancer do you have the choice of been buried?
It is your choice as to what you want to happen to you after you die, so you do have a choice to be buried or to do something else, like cremation.
If choosing something means you give up something else what is the economic term for this?
The economic term for the cost of a choice is the opportunity cost.
Is dog training a good career choice?
if you think dog training is a good career choice, then go for it. but if you want to be something else, go for what you know is best for you.:D
Who created economics?
Mr. Economic Value Who else?
What a good definition for revolve?
Something that circles something else, such as a moon revolving around a planet. Also, something that is dependant upon something else. Such as--> "Her life revolves around her baby."
What is the meaning of better?
The word better is used to describe something that is higher in quality when compared to something else. It also can mean something is more useful for a specific situation than something else.
What is x plus px plus q?
This can also be thought of as: something + something else * something + another thing.
What does a trade off require you do to?
A trade-off requires you to give up one thing in order to get something else. This can happen often in Economics, and the way that the free market works.
