100 words minimum with reference.
Economic deals with economic choices (decisions) individuals, firms and nations make. The adage, “There is no such thing as a free lunch,” is used to illustrate the principle that people face tradeoffs to make economic decisions.
- Why do economic agents need to make choices in the decision making process? What are the factors that force us to make choices among the viable alternatives at our disposal during a given period of time?
- Why do economic agents face tradeoff in our economic choices (economic decision making) process? How do we make a rational choice among the viable alternatives we have as individuals or business owners?