Nancy Is a Professional Photographer and Has Been Looking to Buy

question 24

Multiple Choice

Nancy is a professional photographer and has been looking to buy a new digital camera that improves picture quality.After extensive research about a new camera that was released in the market two weeks ago, she decides to buy it because she is convinced that it will produce the picture quality she has been looking for.This shows that Nancy belongs to the group of:

• A)late majority buyers.
• B)early adopters.
• C)innovators.
• D)early majority buyers.
• E)laggards.

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Definitions:

Inflation

Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power over time.

Ceteris Paribus

A Latin term used in economics to describe the analysis of a condition under the assumption that all other variables remain unchanged.

Scarcity

The basic economic issue arises from unlimited human desires facing limited resources on the planet.

Free Lunch

A term that implies you cannot get something for nothing, often used in the context that every choice has a cost.