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 forces businesses industries and governments to make a decision?

What forces businesses, industries, and governments to make decisions?

consequences

.

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 are some reasons for studying economics Check all that apply quizlet?

Economics shows how people work together to make money

. Economics has an impact on everyday life. Economics helps people learn to manage resources. Economics explains the roles of producers and consumers.

What is one way economics can influence your daily life quizlet?

What is one way that economics can influence your daily life?

By helping you to understand that every choice has a trade-off

. … A person studying economics can make better choices about purchases if that person understands: goods.

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 best describes the role of consumer?

Which best describes the role of a consumer? …

interactions between producers and consumers

.

What is a 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.

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.

Is the study of how goods and services are produced distributed and consumed?

Economics

is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

What will most likely result from this price control quizlet?

The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control?

The demand for bread will fall, which could result in an excess supply

.

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.

Which statement best describes the impact of scarcity?

Answer Expert Verified The best way to describe the impact of scarcity would be

when consumers must pay for higher prices for many items

. This is a situation where there are unlimited wants have fully exceeded all of the limited resources.

What OS one way that economics can influence your daily life?

Economics affects our daily lives in both obvious and subtle ways. From an individual perspective, economics frames many choices we have to make about work, leisure, consumption and how much to save. Our lives are also influenced by macro-economic trends, such as

inflation

, interest rates and economic growth.

What best illustrates deciding how do you produce a specific product?

The correct answer for your question is option (A)-Should we

produce jeans with expensive machinery or less expensive labor

. Before producing a product that going to hit the market one have to decide how to make it even better.

How can we use economics in real life situation?

1. Buying goods which give the highest satisfaction for the price. …
2. Sunk cost fallacy. …
3. Opportunity Cost. …
4. There’s no such thing as free parking. …
5. Behavioural economics and bias. …
6. Irrational exuberance. …
7. On the other hand. …
8. Diminishing returns.