Question

Justify that economics is a theory of allocating best alternatives choices?

Answer 1

Answer:

Although the price system is not perfect, most economists believe it is the most efficient way to allocate resources. This is because prices do more than help individuals make decisions; they also help allocate resources both within and between markets.

What motivates people as they make choices? ...

Economists assume that individuals make choices that they expect will create the maximum value of some objective, given the constraints they face. Furthermore, economists assume that people's objectives will be those that serve their own self-interest.

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