One of the basic facts of life is that people must make choices as they try to attain their goals. This unavoidable fact comes from a reality an economist calls A. economics. B. the market. C. scarcity. D. rationality.
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- Which of the following best demonstrates the influence of economic factors on consumer decision-making? a. A consumer buys a Lexus after her neighbors and garden club pals each buy one. b. A married couple with three young children purchase a minivan. c. A blue collar worker holds off on buying a new truck, pending potential layoffs at work. d. A young professional buys a utility vehicle for off-road exploring.Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good Bexplains that the two most important assumptions of economics are scarcity and cost. Please explain each in your own words and give one example each, one from the film and one of your own that helps clarify the meaning and relevance of these two assumptions.
- Joab and his friends used to play a game where they put on a dog's electric fence collar and tried to stand over the electric fence line because, after careful consideration of the costs and benefits, they decided that the benefits of watching their friends get shocked outweighed the costs of being shocked themselves. According to the economic way of thinking, by playing this game, Joab and his friends were O not responding to the incentives they faced. making an irrational choice. making a rational choice. not fully considering the costs and benefits of their decision since this is obviously a mistake for anybody to do.Carefully define the following terms and explain their importance to the study of economics. a. resources b. rational decision c. scarcity d. opportunity costCarefully define the following terms and explain their importance to the study of economics. A. Opportunity cost B. scarcity
- 1. Describe economics as the study of "choice" and "scarcity".What is the market for bananas an example of? Select one: a. Micro economics b. Positivist Economics c. Normative Economics O d. Macro economicsIdentify the scarcity definition of economics from the following. a. the distribution of surplus goods to those in need. b. None of these c. ways to reduce wants to remove the problem of scarcity. d. the choices we make because of shortage of resources.
- lys After the release of a new video game, Target stores temporarily sold out. Which economic concept best describes this event? O Cost-Benefit Analysis O Tradeoffs Scarcity are wants. Shortage The resources used to make all goods and services are the *Answer the following questions. 1) What then is the definition of economics?2) How much of it do we get? Who gets to have more? 3) Who makes all this stuff?4) How is it made?What is the name for something that changes the trade-offs that people facewhen making a decision?