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Monday, 11 March 2019

Agricultural Economics


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.