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Which of the following best explains why the game of economics is about setting goals as much as it is about making allocation decisions? a
Which of the following best explains why the game of economics is about setting goals as much as it is about making allocation decisions?
a. There are different and incompatible economic goals.
b. Making allocation decisions requires information and resources.
c. Consumers need goals in order to know what goods and services to buy.
d. It's unnecessary to have a goal to make allocation decisions.
Expert Solution
The answer is; there are different and incompatible economic goals. Option A.
In economics, in as much as there is the initiative of setting goals that are attainable as per the prevalent market conditions, it would be as important to understand that not all goals are compatible with the decisions they are allocated and so more information should be sought in a bid to understand the market condition and set goals. Setting goals keeps the goal-setter accountable for their actions in the economy hence influencing their decisions positively. Goal setting also curbs the chances of making wrong decisions on how to allocate resources, how to improve customer base, and expand the target market.
In economics, therefore, the setting of goals to maintain an upward trend is inevitable.
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