A link between economic wants and preferences is always the basic needs that are essential for our daily life. Preferences can be made after defining the economic wants and basic needs of the people involved.

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This expression relates to opportunity cost because even though there are things that are free in this world, saying "everything has a cost" is metaphorically true. For example, making a decision between two items and not choosing the best alternative means giving up your own happiness which isn"t paid for by money, but your own decisions and making that decision to buy something that was not of your best personal interest in the end, that has costed you your satisfaction; this is a definition of opportunity cost. Therefore, that is how the expression and opportunity are linked.



Both are smart decision making decisions because when you make a preference on something, you basically are looking what the good comes out of purchasing something specific. For economic want, it you look for the good outcome as well, but whatever you choose to buy is being bought and going towards the economy.



the deference between the two basically come down to smart decison making. when you make a preference on something you basically are looking what the good comes out of it you are thining about yourself. On the otheer hand with Economic wants even though its something you want you still think about the possible ooutcomes that might come out of it.


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