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.
scarcity
Scarcity and choice are fundamental to economics because they highlight the limited nature of resources relative to unlimited human wants. Scarcity forces individuals and societies to make choices about how to allocate resources effectively, leading to trade-offs. These decisions impact production, consumption, and overall economic efficiency, making them essential for understanding economic behavior and policy. Ultimately, the interplay of scarcity and choice shapes market dynamics and influences economic outcomes.
what are the fundamental of instituion of our present economic sytem
non-economic choice
This is because economic's central theme is opportunity cost. Opportunity cost can be defined as the best alternative choice that you forgo when making an economic decision. Therefore, economics study these "choices" to choose the best choice, minimize the opportunity cost for that choice.
scarcity
Scarcity and choice are fundamental to economics because they highlight the limited nature of resources relative to unlimited human wants. Scarcity forces individuals and societies to make choices about how to allocate resources effectively, leading to trade-offs. These decisions impact production, consumption, and overall economic efficiency, making them essential for understanding economic behavior and policy. Ultimately, the interplay of scarcity and choice shapes market dynamics and influences economic outcomes.
what are the fundamental of instituion of our present economic sytem
what are the fundamental of instituion of our present economic sytem
non-economic choice
This is because economic's central theme is opportunity cost. Opportunity cost can be defined as the best alternative choice that you forgo when making an economic decision. Therefore, economics study these "choices" to choose the best choice, minimize the opportunity cost for that choice.
John H. Kagel has written: 'Economic choice theory' -- subject(s): Human behavior, Animal models, Consumer behavior, Consumption (Economics)
Scarcity.
how economic variables influences on consumer behavior
Effect of Government Regulations on Economic Behavior
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of economics.
The scarcity of productive resources relative to economic wants (limited resources verses unlimited wants) is the fundamental problem of Economics.