Why is choice essential in the study of economics?
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Answer:
To success the choice is essential in the study of economics.
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38
ANSWER:
The choice is important in economics since it is a decision which needs to be taken by an individual, in regards to the limited resources.
EXPLANATION:
The choice is the decision made by the people under the situation of scarcity of resources. It is the process of getting maximum satisfaction by using limited resources.
People have unlimited wants and desires, the goods and services are limited in the economy and there is a scarcity. Due to this reason, it is necessary to make a choice.
Since it is not possible to have everything that a person desires, hence they require making a choice.
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