Homework question help

Economics
Tutor: None Selected Time limit: 1 Day

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?

Jul 29th, 2015

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

Please let me know if you need any clarification. I'm always happy to answer your questions.
Jul 29th, 2015

Can you be more clearer in complete sentence? Getting lost to what you are saying


Jul 29th, 2015

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

Jul 29th, 2015

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Jul 29th, 2015
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