Why do economic agents face tradeoff in our economic choices (economic
decision making) process? How do we make a rational choice among the
viable alternatives we have as individuals or business owners?
Thank you for the opportunity to help you with your question!
trade off:this is the cost one has to give up in order to gain something he needs/wants
agents face a trade off because after gaining from their work they have to pay the government taxes
in-order to make a rationale choice the following ought to be considered
The risk involved,the cost of setting up the business,profits against the expense involved,competition,and target market amongst others
Can you be more clearer in complete sentence? Getting lost to what you are saying
in order to choose a viable business as opposed to other business one must maximize on the profits and minimize on loses/expenses on factors as
1.)cost of starting and running the business
2.)the competition from other businesses that carry out similar activites
3.)his/her target clients based on age culture e.t.c
4.)cost of labor required to carryout activities
5.)His /Her source of finance i.e banks,grants e.t.c
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