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Economic Choice QA

The document outlines key questions related to economic choice, emphasizing that choices arise from the scarcity of resources and the need to allocate them efficiently. It discusses various aspects of economic choice including opportunity cost, production decisions, and the roles of different economic agents. Ultimately, it highlights the importance of making informed decisions in the face of limited resources.

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10 views2 pages

Economic Choice QA

The document outlines key questions related to economic choice, emphasizing that choices arise from the scarcity of resources and the need to allocate them efficiently. It discusses various aspects of economic choice including opportunity cost, production decisions, and the roles of different economic agents. Ultimately, it highlights the importance of making informed decisions in the face of limited resources.

Uploaded by

f6081321
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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10 Key Questions on Economic Choice

1. What is meant by 'choice' in economics?

In economics, 'choice' refers to the decisions made by individuals or groups regarding which needs

or wants to satisfy due to the scarcity of resources.

2. Why is choice necessary in economics?

Because resources are limited while human wants are unlimited, individuals and societies must

make choices about how to allocate resources efficiently.

3. Who are the main economic agents that make choices?

Producers, consumers, and the government.

4. What is opportunity cost in relation to choice?

Opportunity cost is the next best alternative forgone when a choice is made.

5. What does 'what to produce' mean in terms of choice?

It involves choosing which goods or services to produce based on consumer demand and

profitability.

6. How does 'how to produce' relate to choice?

It involves deciding the method of production and the combination of resources to use.

7. What does 'for whom to produce' imply in economic choice?

It refers to determining the target consumers or beneficiaries of goods and services.

8. Why is 'where to produce' a significant choice?

Because location affects access to resources, costs, and customer reach.

9. What does 'when to produce' involve?

Timing production based on seasonal demand or market trends.

10. How does scarcity lead to the necessity of making choices?

Scarcity means that there are not enough resources to satisfy all wants, hence choices must be
made to prioritize needs.

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