Three benefits of choice in economics to the firms and government
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Three benefits of choice in economics to the firms and government are given below :
Explanation :
- The choice is very important in Economic Studies because it enables the person to make various decisions under different conditions of scarcity situations.
- The Choice in Economics helps an individual to choose one alternative over another.
- Being free to choose is regarded as a fundamental indicator of economic well being and development in the country.
Hence, Leaving People the choice to choose over a choice of goods means you can let the individuals decide in the free market who gets how much of what.
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