Question

List five things that can affect the choices that people make when it comes to deciding what they want or desire?

Answer 1

Answer:

Income, desires, market prices, opportunity costs and the credit market all influence people's behavior.

Answer 2

List five things that can affect the choices that people make when it comes to deciding what they want or desire.

• Making decisions is influenced by a number of significant aspects. Past experiences, different cognitive biases, an increase in commitment and sunk costs, individual characteristics, such as age and socioeconomic status, and a sense of personal relevance are all important variables.
• Economics places a premium on choices because resources are finite and nobody can have all they want at once. If there are limited resources and insatiable wants, choice is a crucial component of economic theory. Booming areas will need to make decisions since the resources required to support development will be in great demand but not easily available.
• The ability to choose from a variety of available options while buying or providing a good, service, or resource is referred to as choice. One key metric for measuring economic progress and well-being is the ability to make choices.
• Problem of choice refers to the distribution of numerous scarce resources that have alternative uses and are used in the economy to produce diverse goods and services in order to satisfy the limitless wants of humans.

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