The optimization objective of the economic actors necessitales making knowledgeable choice in the use of avililable the use of avililabel resourse. Choice is involed in economic activotes at both consumtion and production levels. It also concers indivi
dulal and the state.The problems of choice being with an individuels liking of how mush time he would allot for work and how much fore leisure. The more time he earns. On the income earned, the choice is betwenn how much to cosume now and much to save for the future. Choice in consumption mens what to by food or clothes, swwets or toys or a combition of both in limited quentity, We discuseed about scarcity and choce above.The terms will be repeatedly used in the following sections. The meaning of scarcity in realation to the nature of good that always command value and the relatively limited of resources . Simillarly, there is always a problems of choce because of resources and their alternative uses. Let us now turn to allocationof resources.
dulal and the state.The problems of choice being with an individuels liking of how mush time he would allot for work and how much fore leisure. The more time he earns. On the income earned, the choice is betwenn how much to cosume now and much to save for the future. Choice in consumption mens what to by food or clothes, swwets or toys or a combition of both in limited quentity, We discuseed about scarcity and choce above.The terms will be repeatedly used in the following sections. The meaning of scarcity in realation to the nature of good that always command value and the relatively limited of resources . Simillarly, there is always a problems of choce because of resources and their alternative uses. Let us now turn to allocationof resources.
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