Question

Outline four reasons why choice is important in satisfaction of human wants.

Answer 1

1. Wants are unlimited in number while available resources are scarce.
2. Some wants are more urgent and intense than others.
3. Commodities sell at different prices hence one has to choose what is affordable.
4. There are many varieties of products that satisfy the same wants.
5. Commodities differ in quality and other salient features.
6. Consumers financial position vary with time hence a budget is needed
7. Some wants are recurrent hence must be catered for quite often.
8. Human wants are competitive hence a choice is needed. 4x1=4mks
9. Universal
10. Unlimited