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Daryl convinced his prospective client that Car A was the best for him. But, the client insisted that the car cost him a good $10,000 more than Car B, the one which he was thinking of buying. Daryl told him that the amount he would have to spend on the fuel, insurance, repairs, and maintenance for Car B would be 5 times more than what he would have to spend on Car A. Finally convinced, the client consented to buy Car A. What technique did Daryl use to convince his customer?
Economic System
A description of how a particular society distributes its resources to produce goods and services.
Social System
An organized set of interrelated structures that establishes how society operates, encompassing institutions, norms, and roles that shape social interactions.
Economics
The study of how resources are distributed for the production of goods and services within a social system.
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