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What is economic choice?

Updated: 8/23/2023

Wiki User

∙ 8y ago

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vegeterian food

Elissa Gutmann ∙

Lvl 10

∙ 2y ago

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Wiki User

∙ 13y ago

Economic choice is more of a concept than something to be defined. In the economy there is only limited resources, as well as unlimited wants. There are two outcomes, satisfaction or unsatisfaction.

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Wiki User

∙ 11y ago

An economic choice would be to buy something or not because of its price or the availability of money. Is it worth it?

If you are manufacturing or creating products, your choice is based on whether you believe that others will buy it, replacing the money you spent to make it. Your costs will include hiring labor to work on it, purchasing the parts to make the product and the cost of housing the production. The choice to do this at all might be dependent on having the money: either in the bank or the ability to borrow the funds at a good rate.

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Wiki User

∙ 10y ago

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Continue Learning about Economics

What is the opposite of economic choice?

non-economic choice

How does socio-economic environment influence career choice?

how does influence our choice of career

What lets people make an economic choice?

people choose economic choice because they want to earn money for their family also for themselves.

What is economic food choice?

vegeterian food

What are the basic economic choices?

first of all, ask yourself the definition of economic choice

Related questions

What is the opposite of economic choice?

non-economic choice

What lets people make an economic choice?

people choose economic choice because they want to earn money for their family also for themselves.

How does socio-economic environment influence career choice?

how does influence our choice of career

How does socio-economic environment influence choice career?

how does influence our choice of career

What is economic food choice?

vegeterian food

What are the basic economic choices?

first of all, ask yourself the definition of economic choice

What are The three pillars of economic analysis?

The three pillars of economic analysis are the choice, scarcity & coordination.

Economic choice and competitive behavior are the result of?

scarcity

when of these is not a benefit of economic democracy?

it eliminates free choice

The basic ingredients in any economic decision are?

scarcity and choice

Who paid for the use of grist mill as an economic choice?

my mom

Romania a good economic investment?

This is only your choice and of course...chance.

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