The term that describes the choice that people must make to meet their wants and needs is "economic decision-making" or "allocation of resources."
The term that describes the choice that people must make to meet their wants and needs is called "economic decision making."
The term that describes the choice people must make to meet their wants and needs is "economic decision-making." Economic decision-making is the process of individuals or households assessing their wants and needs and making choices from the available alternatives. It involves considering factors such as the limited resources (time, money, etc.) that individuals have and the various options or trade-offs associated with fulfilling their wants and needs.
