ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the amount of a product that producers want to sell
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a decision to buy one thing instead of another
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the amount of a good or service that consumers want
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the money a business has left over after all its costs are paid
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Detailed explanation-1: -Economic choice can be defined as the behavior observed when individuals make choices solely based on subjective preferences.
Detailed explanation-2: -Economists assume that individuals make choices that seek to maximize the value of some objective, and that they define their objectives in terms of their own self-interest. Individuals maximize by deciding whether to do a little more or a little less of something.
Detailed explanation-3: -Scarcity, Choice, and Cost All choices mean that one alternative is selected over another. Selecting among alternatives involves three ideas central to economics: scarcity, choice, and opportunity cost.
Detailed explanation-4: -The allocation of various scarce resources which have alternative uses that are utilized for the production of various commodities and services in the economy for the satisfaction of unlimited human desires is known as problem of choice. Suggest Corrections.