what is the problem of choice in economy
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Problem of choice refers to 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 wants.
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Economic choices are choices you make after conducting an economic analysis or a cost-benefit analysis, meaning after inferring that the benefits of buying or doing something outweigh its costs. For example, should you lease or buy a car Should you rent or buy a home?
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