Question

What do you mean by Ordinary business of life ?

Answer 1

Economic welfare. Broadly, economic welfare is the level of prosperity and standard of living of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services.

Answer 2

In ordinary business of life, we can across the problem of choice in lot of situation.we all have limited resources which we have to utilize in a way that we get maximum satisfaction. there are million ways & rather million consumption bundles which we can give infinite satisfaction but what makes this optimisation problem sensible are constraints. for insurance we can buy a table or sofa or set of chairs or chest of drawers. so we have to make a choice!1 so constraints arise the situation of choice & we face it regularly