Economists often employ a set of graphical tools to illustrate how individuals make choices ("Theory of Consumer Choice"). Define each one: (a) individual objectives, (b) indifference curves, (c) opportunities and constraints, and (d) individual choice.© BrainMass Inc. brainmass.com October 10, 2019, 3:34 am ad1c9bdddf
Economics is a social science that explains the different happenings in the society. Economists use different tools in the study of the choices made by individuals under conditions of scarcity. Consumers face a lot of challenges as they try to engage in the purchase of products and services since the income that they get is less than the things to buy. At the end the consumer has to make a choice on what they will purchase according to their budget. In order for this happen they have to combine their budget with what they prefer from all the needs that have met (Hartman, 2008).
Economists use different graphical tools in the ...
This solution explores economists' use of different graphical tools. Additionally, this solution includes a complete list of reference sources for further investigation.