To find the correct option that satisfies the sentence.
Answer to Problem 5AA
Some economic choices are simple or easy, while others are complex.
Explanation of Solution
Economics is the study of human behavior which focuses on the judicious use of scarce resources to fulfill the unlimited wants of the people.
People have to make choices between the consumption of two goods. They have limited income which can be used to buy limited goods.
For instance, if there are two combinations of apples and oranges: (2 apples, 4 oranges) or (4 apples, 2 oranges). The person has to decide whether to purchase first combination with more oranges or to buy other combination with more apples. Onecannot buy both with limited
So, some choices are easy to make. But, on the other hand, some choices are complex especially when the consumer has to purchase a durable good like refrigerator or AC.
Chapter 1 Solutions
Economics Today and Tomorrow, Student Edition
Additional Business Textbook Solutions
Horngren's Cost Accounting: A Managerial Emphasis (16th Edition)
Principles of Management
Managerial Accounting (5th Edition)
Horngren's Accounting (12th Edition)
Financial Accounting (12th Edition) (What's New in Accounting)
Principles of Accounting Volume 1
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education