LIJIT SEARCH

Choice in Economics

Choice
An economy has to decide how to use its scarce resources to attain the maximum possible satisfaction of the member of the society. This is what, we meet our choice. The optimization objective of the economic actors (producer, consumer and government) necessicities making knowledgeable choice in the use of available resources. Choice is in economic activities at both consumption and production level.

In economics, we suppose that a decision maker is rational/knowledgeable economic rationality of decision maker implies the following:

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