Rationally optimal decisions hinge on tradeoffs

Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge on tradeoffs which essentially reflect as: (1) using cooperative allocative mechanisms to minimize inequity. (2) opportunity costs. (3) competitive social behavior. (4) optimally balancing surpluses and shortages. (5) maximizing individual decision makers’ self interests.

Can anybody advise me the proper explanation for given problem regarding Economics scarcity generally?

View Complete Question

Related Questions in Public Economics

Q : Why every society confronts the problem

Each society confronts the problem of scarcity since: (i) human wants are virtually limitless relative to the resources obtainable. (ii) technology, resources and human potential are limitless. (iii) most people can't have enough money the goods they

Q : Mixed economy of a market system

Whenever compared to a mixed economy which relies primarily on the market system, the society which relies relatively greatly on brute force, queuing, and arbitrary selection tends to experience: (1) Powerful reducing returns. (2) Opportunity costs to drop. (3) Fast t

Q : Incentives to create and to use goods

Please help me to solve the problem of prices which is given below: Information regarding incentives to create and to use goods efficiently is imbedded most directly within: (i) Relative prices. (ii) Normative econ

Q : Nature Adam Smith regarded the

Adam Smith regarded the partition of labor like crucial for initiating a process of economic development, and capital accumulation like a key element which then drives additional development. In words of Smith, key elements that find

Q : Where illustrations of production are

I require a good answer on the topic of Economic problems. Please provide me your suggestion that where illustrations of production are not contain: (i) Using canned chocolate icing to decorate a cake made with “store-bought” cake mix, (ii

Q : Does the entire thing have a price in

Does the entire thing have a price? Are there several things you would not perform regardless of price? (Keep in mind that prices and money is not synonyms; here prices may be nonmonetary.)

Q : When are all resources encompassed All

All resources are encompassed through the classes of labor: (i) industrial robots, energy, and raw materials. (ii) capital, entrepreneurship, and knowledge. (iii) land, entrepreneurship and capital. (iv) entrepreneurship, investment and materials. (v)

Q : When economists disagree in normative

Can someone give details with best solution about problem of normative economics... Economists disagree MOST often about regions involving: (i) normative economics, while value judgments are involved. (ii) explanat

Q : Positive declaration in positive

When a mother tells her young child that thunder is caused by the angels bowling up in heaven, scientists would classify her statement as most clearly: (w) a normative statement. (x) a positive statement. (y) microeconomics in place of macroeconomics. (z) scientifical

Q : FUNDAMENTAL economic problems of

Society's FUNDAMENTAL economic problems do NOT comprise deciding: (w) what goods to produce. (x) how to produce the goods selected. (y) what occupation each person must pursue. (z) who must find to use the goods produced.

Discover Q & A

Leading Solution Library

Avail More Than 1447532 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads

No hassle, Instant Access

Start Discovering

18,76,764

1939212
Asked

3,689

Active Tutors

1447532

Questions
Answered

Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!

Submit Assignment