I’m working on a economics multi-part question and need an explanation and answer to help me learn.
In life, we often need to make decisions. What is one way that economists approach decision-making? Why is it that we need to make decisions (why can’t we just have everything we want)?
In your answer, be sure to explain any economics terms used, as well as provide a “real life” example of this decision-making process.
Teaghan is a super active child and loves to participate in all kinds of activities. In planning for her activities this semester, she’s interested in soccer, acrobatics, dancing, theater, music, art, track, and archery.
Unfortunately, she’s not able to do everything and must pick only three.
Why might Teaghan not be able to participate in everything? Is there a concept (or concepts) in Economics which best describes Teaghan’s situation? If so, please list this concept(s) and describe completely.
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