Economic choice - the difficult but necessary process of managing

Economic choice involves the election of the preferred option of all. At any given point in time can be traced to the limitations of the various sources needed to implement the activities of the entity that forms some objective limit for production possibilities. The Economic resources and the problem of choice – there is a constant dilemma facing professionals in this field. It should not be considered the question as to their limitations. The occurrence of such a shortage may be acutely felt to meet the needs of each individual.

Economic choice exists in almost all countries (developing and developed, rich and poor). Residents of any state are eager to get more services and benefits. In reality, humanity is exploited, not all of the available resources. Therefore, the sources previously used may become unnecessary or “unnecessary”. A good example is during an economic downturn the production of surplus labor.

Economic choice is able to determine the rarity of resources relative to the limitless needs of man, which is characterized by constant growth and change in the process of market expansion and development of economic activities and companies. This problem is complicated by the fact that sometimes reveals the limitations of some sources (e.g., minerals) or their non-reproducibility. So, modern mankind has not yet invented a method of recovery of such stocks. Therefore, the economic choice should be focused on those resources that can be played. For example, in place of felled vineyard can plant new young and healthy plants. However, in order that they began to bear fruit, it will take some time.

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In the scientific literature has repeatedly addressed the situation of an economic choice, since it can influence further community development. One of the authors of such publications, the emphasis is on the relativity of limited goods and resources. In other words, the period of exhaustion of a source is determined by the efficiency of his company.

All the economic resources in terms of their role in the production process are divided into natural, investment and labor.

Other authors have drawn attention to absolute and relative scarcity of such sources. Thus on the second question they should be consistent with the opinion of the scientists mentioned above. But absolutely limited resources they are defined as those that can be replaced by others. The authors of the first concept sounds more convincing, thanks to the constant improvement of modern technology. They will allow to apply the waste-free production, which is able to maintain sources of business.