Introduction to Economics example #18869

What is one way that economics can influence your daily life? by forcing a decision on a career path by limiting your ability to save money by helping you understand that every choice has a trade-off by determining if goals are actually worthwhile

Based on the lesson, what would most affect the price a consumer is willing to pay for a newer version of a laptop computer? the materials used in its construction the demand for the added performance elements the quality of goods produced by the manufacturer the numbers of previous models stored in the warehouse

A person studying economics can make better choices about purchases if that person understands: goods. services. production. consequences and trade-offs.

Studying economics best helps an individual determine how to achieve economic _____.

Every economic decision has: only positive benefits. gained opportunities. unavoidable limitations. a consequence or trade-off.

Economics is the study of producing and _________ goods and services.

Which individual is a producer? a host who seats customers in a busy restaurant a mother who demands quality produce for her family a farmer who grows only what his family needs to survive a student who builds a bookcase from bricks and boards

An economist most likely spends time studying: methods for spending and saving money. reasons producers experience scarcity. ways to balance time between work and leisure. interactions between producers and consumers.

Which situation best illustrates the concept of scarcity? a class designing and selling calendars a cook learning to be an executive chef a friend buying a copy of a popular DVD a person buying a used car due to limited income

Which activity would a consumer most likely perform? filling a lawnmower with gas answering phones in an office growing vegetables in a home garden helping mow lawns in the neighborhood