Consumer Choice
Consumer choice refers to the decisions made by individuals regarding the purchase of goods and services. It is influenced by various factors, including personal preferences, income levels, and the availability of products. Consumers weigh the benefits and costs of different options to determine what best meets their needs.
The concept of consumer choice is central to economics, as it helps explain how markets function. When consumers choose products, they signal to producers what to supply, which can affect pricing and availability. This interaction between consumer preferences and market offerings shapes the overall economy.