Choice | Consumer | Economic Goods | Free Goods | Goods | Limited Means | Opportunity Cost | Scarcity | Service | The basic economic problem | The real cost of a decision | Wants | Why can individuals not have everything they want
Which of the following situations will have an opportunity cost? (i) A student decides to work full time. (ii) A family goes on an overseas trip rather than buying a second car. (iii) A free lunch at a brewery opening.
What is meant by the term values? Give an example of how they influence the decisions a consumer makes.
Explain how a microwave oven can be both a capital good and a consumer good with a clear example.
Describe what is meant by the term 'consumer'.
Describe the relationship between limited means and the need to make decisions.
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