Answer :
Final answer:
Choices in satisfying human wants are essential due to scarcity, opportunity cost, utility maximization, and economic efficiency.
Explanation:
Choice should be made in satisfying human wants for various reasons:
- Scarcity: Resources are limited, needs and wants are unlimited, so choices have to be made.
- Opportunity cost: By choosing one option, you give up the benefits of the next best alternative.
- Utility maximization: Individuals aim to maximize satisfaction by selecting the option that gives them the most benefit.
- Economic efficiency: Making choices allows resources to be allocated efficiently to meet diverse needs.
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