Economic Thinking and Economic Systems
Share an example from your life where you had to make a choice knowing that you are giving up opportunities for doing or gaining something else. Tell us about your thinking process and how you arrived at the final choice you made. Would you make the same choice again?
Moreover, why do consumers make choices when they acquire something (jobs, money, friends, vacations, sleep, living places, etc.), and why do individual producers or nations have to choose the type, quality, and quantity of what they produce?