Question

What is more important in shaping the economic future of individuals, how they choose among the...

What is more important in shaping the economic future of individuals, how they choose among the options they face or how those options are shaped by broader social forces? Why?

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Answer #1

In shaping the economic future of the individuals it is important that individuals behave rationally by consider all the options available to the consumer and choose the most optimum option for their future. They choose among the options they face by equating the marginal utility derived from each option available to them with the cost or price they will have to pay for the option and choose the one where both are equal. These options are also shaped by broader social forces as society plays an important role in determining these options.

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