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Economics 3 Concepts

QuestionAnswer
What are the benefits spending money? You can recieve the goods or services that you want.
What are the benefits of saving money? You can have a larger amount of money later.
What are the benefits of borrowing money? You can have a large amount of money right now.
How does information about a product or service influence a consumer’s decision to spend money? Consumers like to know that a product is high in quality.
How does supply influence an individual’s income? If there are a high number of people who have your skill then you may earn less.
How does human capital influence an individual’s income? The more valuable you are the more you can earn.
How does demand influence an individual’s income? If you work in a career that is needed everywhere then you can earn more.
What are the costs of spending money? You lose the money you have currently.
What are the costs of saving money? You cannot currently purchase all the goods or services that you want.
What are the costs of borrowing money? You will have to repay more money than you borrowed.
Created by: samplej