Which Two of the Ten Principles of Economics Are Illustrated

question 428

Multiple Choice

Which two of the Ten Principles of Economics are illustrated in this chapter?

• A)A country's standard of living depends on its ability to produce goods & People face tradeoffs.
• B)Prices rise when the government prints too much money & Governments can sometimes improve market outcomes.
• C)Governments can sometimes improve market outcomes & People face tradeoffs.
• D)People face tradeoffs & Prices rise when the government prints too much money .

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Definitions:

Goods And Services

Products and activities provided by businesses to satisfy the needs and wants of consumers.

Buying Process

The sequence of stages consumers go through, from recognizing a need or desire, through information search and evaluation of alternatives, to the purchase decision and post-purchase behavior.

Internal Stimulus

Psychological or emotional factors within an individual that trigger a desire or need, prompting them to make a purchase or decision.

Low-involvement Purchase

Buying decisions made by consumers with minimal research and consideration as the product is often inexpensive and perceived as low risk.