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Economics 3 Concepts
Question | Answer |
---|---|
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. |