eLearn Economics

Basic Concepts-Central Ideas

Terms/Ideas:

Q1

QUESTION:

In making a decision, a consumer must consider their values (which could include consideration of others and the importance of keeping fit and healthy). Fully explain how values influence the economic decision a consumer may make. In your answer: (i) define what is meant by a consumer and values, (ii) describe why consumers may hold different values, and (iii) explain how values held by consumers will influence the decisions they make.

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Q2

QUESTION:

Warren uses his time to attend university, watch movies, go fishing, play sport, and exercise at the local gym or pool. His parents have told him that his university work must come first and to concentrate on this rather than doing other things. Explain several compromises that Warren could make to resolve this conflict.

Q3

QUESTION:

Explain in economic terms, why individuals have to make a choice between alternatives.

Q4

QUESTION:

Describe what is meant by the term 'consumer'.

Q5

QUESTION:

What is the economic term that describes things individuals must have in order to sustain life, e.g., food, clothes or shelter and water.

Topic List

Basic Concepts-Central Ideas

Terms/Ideas:

Q1

QUESTION:

Q2

QUESTION:

Q3

QUESTION:

Q4

QUESTION:

Q5

QUESTION: