State four reasons for making choice between competing wants? ?

1. Limited resources: Most people have limited resources, such as time, money, and energy, which means they cannot fulfill all their wants at once. Therefore, they must prioritize and make choices between competing wants.

2. Opportunity cost: When choosing between competing wants, individuals must consider the opportunity cost of their decision. This refers to the value of the next best alternative that is forgone as a result of choosing one want over another.

3. Personal values and goals: People have different values and goals, which can influence their decision-making process when choosing between competing wants. They may prioritize wants that align with their values or help them achieve their long-term goals.

4. Impact on well-being: Making choices between competing wants can have a significant impact on an individual's overall well-being. They may consider factors such as happiness, satisfaction, and fulfillment when deciding which wants to prioritize.

1. Limited Resources: Individuals and societies have limited resources, such as time, money, and energy, which can't be fully allocated to all desired wants.
2. Opportunity Cost: Choosing one want means giving up on others; thus, it's crucial to consider the opportunity cost of each choice.
3. Value and Priorities: Wants vary in their importance and perceived value, and individuals need to prioritize their choices based on their preferences and needs.
4. Consequences and Trade-offs: Making a choice often involves trade-offs and potential consequences that should be considered before making a decision.