In economics, choice refers to selecting among alternatives, which involves three ideas central to economics: scarcity, choice, and opportunity cost. Scarcity is the condition of having to choose among alternatives, and it implies that we must give up one alternative in selecting another. A scarce good is one for which the choice of one alternative use of the good requires that another be given up. Opportunity cost is the value of the best alternative forgone in making any choice. It is the value of the best opportunity forgone in a particular choice, not simply the amount spent on that choice.

Economics is the study of choice, and economists investigate the choices that people make. They study what to produce, how to produce it, and for whom it should be produced. The economic approach to choice is distinguished from the approaches taken in other social sciences by three features: choices are forced on us by scarcity, the central importance of opportunity costs in evaluating choices, and the assumption of maximizing behavior that serves the individuals best interest.

In summary, choice in economics refers to selecting among alternatives, which is influenced by scarcity and opportunity cost. Economists study the choices that people make and evaluate them based on opportunity costs and maximizing behavior.