Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer? …
sufficient products to meet consumer wants
. Every economic decision has. a consequence or tradeoff.
What would most affect the price a consumer is willing to pay for a new version of a laptop computer?
Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer? …
sufficient products to meet consumer wants
. Every economic decision has. a consequence or tradeoff.
Which activity would a consumer most likely?
Which activity would a consumer most likely perform?
sufficient products to meet consumer wants
. You just studied 10 terms!
What is the fundamental problem producers and consumers face ??
The fundamental problem that both producers and consumers face is
scarcity
. The scarcity is the lack of basic resources such as water, food, energy, housing, etc., which are considered fundamental to satisfy survival or non-basic resources that meet different needs in human societies in several aspects.
What is the fundamental problem producers and consumers face quizlet?
sufficient products to meet consumer wants. What is the fundamental problem producers and consumers face?
goods
.
What factors are considered when deciding goods and services?
Factors considered when deciding how to make goods and services are
land, labor and capital
. Explanation: In an economy, to make any goods and services in a better way we need three things – land, labor and capital.
How do changing prices affect supply and demand quizlet?
How do changing prices affect supply and demand?
As price increases, both supply and demand increase
. As price decreases, both supply and demand decrease. As price increases, supply decreases, but demand increases.
What are the three main questions of economics addresses who should?
One of the three main questions of economics addresses who should:
produce goods and services
. market goods and services. receive goods and services.
Which factor should be most important if you are considering purchasing a new video game?
Which factor should be most important if you are considering purchasing a new video game?
the number of games available for purchase
. the quality of the games produced by that manufacturer. the popularity of the video game with your friends.
What is Ricardo’s opportunity cost?
What is Ricardo’s opportunity cost?
Choosing the promotion over time with his friends
.
What is opportunity cost and its importance in decision making?
“Opportunity cost is
the cost of a foregone alternative
. If you chose one alternative over another, then the cost of choosing that alternative is an opportunity cost. Opportunity cost is the benefits you lose by choosing one alternative over another one.”
What is a possible opportunity cost of working?
Opportunity cost is
the value of something when a particular course of action is chosen
. … The benefit or value that was given up can refer to decisions in your personal life, in a company, in the economy, in the environment, or on a governmental level.
How do people make economic decisions?
Economists use the term marginal change to describe a small incremental adjustment to an existing plan of action. …
Rational people
often make decisions by comparing marginal benefits and marginal costs. Thinking at the margin works for business decisions.
What is the fundamental producers and consumers face?
The fundamental problem producers and consumers face is
scarcity
. The term scarcity denotes the economic problem that societies do not have enough productive resources to produce everything people want.
How can the government reduce the wealth gap in a mixed market economy?
How can the government reduce the wealth gap in a mixed market economy?
The government can control income levels by placing limits on how much citizens can earn
. … The government can tax members of the wealthy class at a lower rate to address differences in income.
What forces businesses industries and governments to make decisions?
What forces businesses, industries, and governments to make decisions?
consequences
.
