Importance of rationally optimal decision hinge on tradeoffs

Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge upon tradeoffs which essentially reflect: (i) cooperation to minimize human greed. (ii) opportunity costs. (iii) competitive social behavior. (iv) minimizing economic inequity. (v) maximizing individual self interests of decisionmakers.

Hey friends please give your opinion for the problem of Economic that is given above.

   Related Questions in Business Economics

  • Q : Describe cost of equity shares Briefly

    Briefly describe cost of equity shares? And also write down way to evaluate the cost of equity shares?

  • Q : Main philosophical foundations of

    Jeremy Bentham’s musings given main philosophical foundations for: (1) the abolition of slavery. (2) syndicalism. (3) free international trade. (4) feudalism. (5) utilitarianism.

    Can someone explain/help me w

  • Q : What is the opportunity cost of your

    Suppose you arrive at a store expecting to pay $100 for an item, but learn that a store two miles away is charging $50 for it.  Would you drive there and buy it?  How does your decision benefit you?  What is the opportunity cost of your decision?  Now suppose you arrive at a s

  • Q : What do you mean by Supply What do you

    What do you mean by Supply?

  • Q : Production Possibility Curve Production

    Production Possibility Curve:

    Similar to the individuals, a society as entire has restricted resources. It has to decide what to manufacture with restricted resource

  • Q : Utility functions to calculate scores


    1. Nancy is taking a course in Fairy Tales from Professor Grimm and another in Philosophy from Professor Par. In each course there will be two exams, a midterm exam and a final exam. In Professor Grimm's

  • Q : Recycling center Suppose you go to a

    Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans.  However, the recycler charges you $.20 per bundle to accept your old newspapers.

  • Q : The demand curve when each of these

    What happens to the demand curve when each of these determinants changes?

  • Q : Economics chapter 1 Suppose that on the

    Suppose that on the basis of a nation's production curve, an economy must sacrifice 10,000 pizzas domestically to get the 1 additional industrial robot it desires but that it can get the robot from another country in exchange for 9,000 pizzas. Relate this information to the following statement: "Thr

  • Q : Increase the overall effectiveness of

    How the government can increase the overall effectiveness of the market system?

2015 ©TutorsGlobe All rights reserved. TutorsGlobe Rated 4.8/5 based on 34139 reviews.