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- are needs that we learn during our lifetime. Multiple Choice Ethics Ideals Desires Wants ValuesWhich statement best describes the role of consumers in economics? They provide wide range of services. They decide where to sell goods They determine how to use resources. They control production costs.Describe the Rational Decision making Process?
- What is economics? A social science that teaches one how to cope with scarcity. A discipline that quantifies the values of assets. A quantitative science to analyze business cycles. A science that teaches firms and individuals how to maximize profits.Why is it important to perform a cost-benefit analysis when making a decision? A-It helps you to make rational choices. B-To make sure that the cost is greater than the benefit of a decision. C-It is required by the government in making economic decisions. D-It allows you to see the price of certain goods and services.Match each term with the correct definition. economics opportunity costmarginal analysis utilitya. The next-best thing that must be forgone in order to produce one more unit of a given product.b. The pleasure, happiness, or satisfaction obtained from consuming a good or service.c. The social science concerned with how individuals, institutions, and society make optimal (best) choices under conditions of scarcity.d. Making choices based on comparing marginal benefits with marginal costs.
- Jay has spent $2400 purchasing and repairing an old tractor, which he expects to sell for $4000. He discovers that he needs an additional repair, which will cost $600. He can sell the tractor as it is now for $1200. What should he do? A. He should never sell something for less than it cost. B. He should complete the repairs and sell the tractor. C. He should take the $1200. D. It doesn’t matter which action he takes; the outcome is the same either way.Jeremy has $30 in his pocket. He would like to take his friend to a movie. The movie would cost $20 for both him and his friend. Jeremy would also like to get a new shirt. The shirt would cost him $25. If Jeremy decides to buy the shirt, what would be his opportunity cost? $25 The satisfaction of taking his friend to a movie $20 The popcorn at the movieOpen ECON EVERYDAY and then choose one article. Summarize, relate, and react to what you have read. Your response would be at least 300 words long. Make sure to include the title of the article, the source, and the date of publication. Focus on the main idea and explain how the article is related to the course material. Explain your reaction to the news. Include the original copy of the article or video.
- A woman interested in real estate is working on a speech describing “The Five Steps to Buying YourDream House.” She is planning a/an _______ speech. A. special occasion B. informative C. persuasive D. ceremonialThe opportunity cost to you of an action is A. how much you must pay for the opportunity to take the action.B. the value to you of the next best action you could have taken.C. the dollar cost to you of the action.D. the cost to society of giving you the opportunity to take the action.I need to understand how to come up with the answers for the table. This explanation does not help me understand how to do these types of problems on my own in the future. Please show the formulas.
