CHOICE AS A BASIC CONCEPT OF ECONOMICS

CHOICE AS A BASIC CONCEPT OF ECONOMICS

Choice as a basic concept of economics is a combined system of deciding which want to satisfy and which one to forgo. The power of choice makes it possible to have maximum satisfaction from the few or scarce resources

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The power of choice can change or affect you tomorrow if not properly looked into

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Definition of choice as a basic concept in economics

: Choice can be defined as a system of selecting or choosing one out of a number of alternatives. Here as a matter of fact, everyone of us a choice to make in other to get maximum satisfaction from the few available resource

How do we satisfy human wants through choice

Human wants are many and we cannot satisfy all of them because of our limed resources. We, therefore, decide which o the wants we can satisfy first. Choice arises as a result of numerous human wants and the scarcity of the resources used in satisfying these wants.

 

  1. public enterprises
  2. private enterprises
  3. limited liability companies
  4. migration
  5. population
  6. market concept
  7. money market
  8. shares
  9. how companies raises funds for expansion
  10.  

 

WEED AND THEIR BOTANICAL NAMES
1.
ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
2.
DISEASES
3. 52.
SOIL MICRO-ORGANISMS
4.
ORGANIC MANURING
5.
FARM YARD MANURE
6.
HUMUS
7.
COMPOST
8.
CROP ROTATION
9.
GRAZING AND OVER GRAZING
10.
IRRIGATION AND DRAINAGE

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importance of making the right choice

Choice therefore arises as a result of scarcity of resources. Since it is extremely difficult to produce everything one wants, choice has to be made by accepting or taking up the most pressing wants for satisfaction based on the available resources.  

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