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
Explain the concept of opportunity cost.
What is meant by the term consumer goods?
Mariah could buy a pie, a bag of chips or a roll. She considers the roll the most desirable and the pie the least. What is the opportunity cost of her decision? Justify your answer.
Jason always has something to do, week nights are taken up doing homework, surf training and doing chores around home. Despite his best efforts, he never manages to do all tasks in a single day.
Identify the means that is limited for Jason.
Explain the concept of choice.
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