Question on: SS1 Economics - Concepts Of Wants, Scarcity, Scale Of Preference, Choice And Opportunity Cost
Which of the following best defines choice?
View related lesson
A
The desires or needs of individuals for goods and services that can satisfy their needs or make them happier.
B
The situation where the available resources are limited in relation to the wants or needs of individuals.
C
The list of wants or needs that an individual has, arranged in order of priority.
D
The act of selecting one option from several available alternatives.
Ask EduPadi AI for a detailed answer
Correct Option: D
Choice, in the context of economics, refers to the act of selecting one option from a set of alternatives. This is because individuals and societies face scarcity, and they must make decisions about how to allocate limited resources to satisfy their wants and needs.
Add your answer
Please share this, thanks!
No responses