Answered: As a consumer, how can you sustain your…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Let us understand that everything has limitations in our consumption –our basic needs like food, shelter and water. Even our consumption on the mode of transportation has limitation. The challenge to us, consumers, is how we make use of our imitative, and utilize our income to satisfy our demands at the most affordable prices; for the sellers to supply the needs of the consumers while making profit; for the government to legislate the economy while helping all the agents and to protect the monetary and fiscal transactions.

As a consumer, how can you sustain your needs (basic commodities) despite the challenges in increased price of these items in the market?

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