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Options have to exist before making a choice.
Option is a minimum of two items of a list from which you will need to choose from
Choice is deciding consciously what you want from the options you have.
You win a competition, you can choose a prize from this list
OPTION A - RED CAR
OPTION B - BLUE CAR
OPTION C - BLACK CAR
OPTION D - WHITE CAR
My choice is option A - a red car OK
My option is choice A- a red car X
You can't say my option is choice A, choice is your opinion, your option is the thing.
In other words, option is a noun for a thing and choice is a noun for your decision.
Examples:
"I had two options (two things in a list, a blue coat/a red coat) I bought the blue coat" OK
"I had two choices (two decisions, to decide to buy the blue coat/to decide to buy the red coat) I decided to buy the blue coat" OK
"I don't have an option" (unavoidable outcome) OK
"I don't have a choice" (unavoidable outcome) OK
"What are my options?" (A, mayonnaise or B, ketchup?) OK
"What are my choices?" (make a conscious decision for A, mayonnaise or B, ketchup) OK
In reality they are interchangeable, ask a native who has no grammatical training, they won't know the difference as it's been learned through habit over the years, they may debate over it. In the end it won't matter unless it's a total grammatical disaster as in the car example.
NOTE: They can both be used as verbs "to choose" and "to opt", but to say "I opt" is quiet rare.
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What is the difference between currency future and currency option?
The difference between a currency future and a currency option is the option is the amount paid is all that is at risk and with future you could lose a lot more.
Explain the difference between a call option and a long position in a futures contract?
The only difference between a long call option and a long futures position is the derivative itself--one of them is an option, the other is a futures contract.
What is the difference between free form option and crop option?
Free - from selection:. In case of free from selection we can select the part of picture in any form. Crop option:. But in crop option a picture can be selected either in square form or rectangular form.
What does the word option mean?
you have a choice whether you want to do something
Explain the difference between a put option and a short position in a futures contract?
Well, the first difference is the root difference between a futures contract and an option contract: in a futures contract you MUST complete the sale at the end of the contract (if you didn't buy it back before the settlement date) but in an option you CAN.Once we're past that, the short position in a futures contract--the person who has the item the contract is derived from, such as a thousand bushels of wheat--is the same as the buyer of a put. Both of them have the thing now, and will transfer title to it after settlement or exercise.
