Buy custom What is economics
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Business
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| Number of pages / Number of words: |
5 / 1136 |
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Our choices are made because we face scarcity, and our selections are from our substitutes. Its like saying I could of chose this but I chose that over the other, but never both. And these choices we make are what we call tradeoffs as mentioned earlier. We can also call this tradeoff as an exchange for choice A for choice B...
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In example more outdoors for less work (income) or more work (income) over less outdoor time. These choices can change the whole outcome of what we traded off.
All these choices we make have a cost and a cause and affect to the society and the economy. A simple and easy way to picture this is your income...
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