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In economics, why must consumers, businesses, and governments make choices?

In economics, why must consumers, businesses, and governments make choices?
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In economics, why must consumers, businesses, and governments make choices?

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User Andrey Usov
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1 Answer

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Due to scarcity. There exist unlimited wants but only scarce amount of resources to meet those wants so items must be allocated through a system of prices or through exchange.
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User Sangie
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