What Are Alternative Choices Called?

Economics- 1

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trade offs alternative choices
production possiblities frontier diagram representing various combinations of goods and services an economy can produce when all resources are fully employed
Waht is econmic interdependence people’s reliance on each other to provide goods and services

Also, Do You Know What are choices between alternatives called economics?

Opportunity Cost. It is within the context of scarcity that economists define what is perhaps the most important concept in all of economics, the concept of opportunity cost. Opportunity cost is the value of the best alternative forgone in making any choice.

Generally What forces us to make choices among limited resources? Scarcity forces all of us to make choices by making us decide which options are most important to us. The principle of scarcity states that there are limited goods and services for unlimited wants. Thus, people need to make choices in order to satisfy the wants that are most important to them.

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Frequently Asked Questions(FAQ)

What are each of the alternative options given up when making a decision called?

Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. The most desirable alternative given up as a result of a decision is known as opportunity cost.

Is one for which the choice of one alternative requires that another be given up?

A good is scarce if the choice of one alternative requires that another be given up. The existence of alternative uses forces us to make choices. The opportunity cost of any choice is the value of the best alternative forgone in making it.

What are the four factors of production?

Factors of production are resources that are the building blocks of the economy; they are what people use to produce goods and services. Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.

Is the action of selecting among alternatives?

Selecting a best course of action among the alternatives is called as decision making. Decision-Making is a process of selection from a set of alternative courses of action which is thoughtful to fulfill the objective of the decision problem more satisfactorily than others.

Is choosing between two or more alternatives?

Decision: Is a choice made between two or more available alternatives.

Why does scarcity force us to make choices?

Scarcity forces us to make choices because we do not have enough resources to produce all the goods/services in the amounts that are desired so people must choose which goods/services we value more.

What are some ways that a manager can identify a feasible set of decision alternatives?

What are some ways that a manager can identify a feasible set of decision alternatives? obtaining input from others who are familiar with the problem. What role do past costs play in relevant costing decisions? Past costs can be used to help predict future costs.

What is the key to a good assessment of alternative solutions?

The key to a good assessment of the alternatives is to define he opportunity or threat exactly and then specify the criteria that should influence the selection of alternatives for responding to the problem or opportunity.

When developing alternatives in the decision making process what must a manager do?

While developing alternatives during decision making, managers: generate other possible solutions that will respond to the needs of the situation and correct the underlying causes.

What refers to rules of thumb that simplify the process of making decisions?

The managers use rules of thumb to solve the various problems, and these techniques are known as a heuristic.

What is the key to a good assessment of alternative solutions?

The key to a good assessment of the alternatives is to define he opportunity or threat exactly and then specify the criteria that should influence the selection of alternatives for responding to the problem or opportunity.

When developing alternatives in the decision making process what must a manager do?

While developing alternatives during decision making, managers: generate other possible solutions that will respond to the needs of the situation and correct the underlying causes.

What refers to rules of thumb that simplify the process of making decisions?

The managers use rules of thumb to solve the various problems, and these techniques are known as a heuristic.

What is the key to a good assessment of alternative solutions?

The key to a good assessment of the alternatives is to define he opportunity or threat exactly and then specify the criteria that should influence the selection of alternatives for responding to the problem or opportunity.

When developing alternatives in the decision making process what must a manager do?

While developing alternatives during decision making, managers: generate other possible solutions that will respond to the needs of the situation and correct the underlying causes.

What refers to rules of thumb that simplify the process of making decisions?

The managers use rules of thumb to solve the various problems, and these techniques are known as a heuristic.

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