Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 12CQ
To determine
Human wants and scarcity of resources in the future.
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Chapter 1 Solutions
Microeconomics: Private and Public Choice (MindTap Course List)
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- Economics affects nearly everything we do in some way. Someone else has produced most items we consume, or use, in our daily lives, from food to clothes to music to gas for our cars. Chances are, when we purchase these daily items, we don't question the price with the producer. But in the United States, the interactions between the consumers and producers determine quite a lot in terms of business and economics. Think about the items and services that you and your family buy or consume. What causes you to pay the prices that you do for these goods and services? What determines the price that's on the price tag? What goes into determining, or setting, that price? Consider all the possible elements that could influence the prices you pay.arrow_forwardSuppose you go to a restaurant and buy an expensive meal. Halfway through, despite feeling quite full, you decide to clean your plate. After all, you think, you paid for the meal, so you are going to eat all of it. What’s wrong with this thinking?arrow_forwardHow would you choose between a diamond and a bottle of water in the different scenarios described in the video? You MUST explain your answer using economic concepts you have learned in the course so far. What did you or your family do during the severe shortage of toilet paper at the beginning of the pandemic in 2020? How would you value a bag of 12 toilet paper compared to a diamond back then? Would it be different compared to during normal circumstances? Explain your answer.arrow_forward
- How relevant is economics in our everyday lives?arrow_forwardDescribe several ways in which consumers are less than free in making choices about which products to purchase.arrow_forwardBased on the law of economics, is an invitation to go to the movies as a birthday gift, considered as a free gift or not?arrow_forward
- An economic explanation for why people make different choices begins with accepting the proverbial wisdom that tastes are a matter if personal preferences. But economist also believe that the choices people make are influenced by their incomes, by the prices of goods and services they consume, and by factors like where they live. How do you make choices about what to buy, how much to work, and how much to save?arrow_forwardWould the analysis of the spending of all U.S. consumers and firms on goods and services be a topic for microeconomics or macroeconomics? Why?arrow_forwardwhat are four goods and services that people consumed on an average dayarrow_forward
- Explain how changes in income (budget constraint) and prices affect consumer consumption choices. Think back to a purchase that you made recently. How did you evaluate whether or not you would be purchasing the item?arrow_forwardWhich of the following questions is not answered by the decisions that every society must make? a. What determines consumer preferences? b. What goods will be produced? c. Who will produce the goods? d. Who will consume the goods?arrow_forwardWhich 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.arrow_forward
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