Economic decision making is the process of choosing _____
a. how to use your income.
b. which needs and wants will be satisfied.
c. whether to buy products now or later.
d. how to spend your time.

Question

13-09-2022
Business

Answered

Economic decision making is the process of choosing _____
a. how to use your income.
b. which needs and wants will be satisfied.
c. whether to buy products now or later.
d. how to spend your time.

Answer :

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tushargupta0691 tushargupta0691 · Answer 1 · 2022-09-15T13:06:05-04:00

The process of deciding which requirements and wants will be satisfied is known as economic decision-making.

Economic decisions are made in order to accomplish a number of objectives. Despite their differences, all economic decisions share the same trait: they all contain rewards and costs. Decision-makers are interested in figuring out how much they must sacrifice or yield in order to get something else that is thought to be better (benefit). Benefits are everything that is received that is seen advantageous or for the good of a person or thing, whereas sacrifices are anything that is given up or the using up of something cherished or valuable. As a result, whatever given or received, including in each case missed possibilities, is regarded as a sacrifice or benefit.

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Economic decision making is the process of choosing _____ a. how to use your income. b. which needs and wants will be satisfied. c. whether to buy products now or later. d. how to spend your time.

Answer :

Other Questions

Economic decision making is the process of choosing _____
a. how to use your income.
b. which needs and wants will be satisfied.
c. whether to buy products now or later.
d. how to spend your time.