Examlex
three decimal places.
Rational Choice
A theory in economics and sociology that suggests individuals choose the option that provides the highest level of satisfaction, assuming the availability of information and a clear preference set.
Opportunity Cost
The effect of spurning potential profits from various options by selecting a particular one.
Societal Choices
Decisions made by a society as a whole about the allocation of resources and priorities among different uses.
Opportunity Cost
The worth of the best alternative given up as a consequence of a decision made.
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