Economics involves
choices. A person who faces a limited income (and no one does not) must choose
to purchase those items that make him or her feel most satisfied, subject to an
income limitation or constraint. Choice is the heart of consumption economics.
Economists say that a person derives utility from an item from which he or she
receives satisfaction. The basic consumer economics problem involves the
maximization of utility (satisfaction) subject to the constraint imposed by the
availability of income.
Agricultural Economics
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Tags: Agricultural Economics