Provide two examples of economics being used as a tool by each of a student, a business and a government
Student:
1. A student uses economics to analyze the costs and benefits of taking out student loans to finance education, considering factors such as potential future earning potential and interest rates.
2. A student uses economics to research and compare the prices of textbooks at different retailers to find the best deal and save money.
Business:
1. A business uses economics to conduct market research and analyze consumer demand in order to strategically set prices for their products or services.
2. A business uses economics to evaluate the feasibility of expanding into a new market by analyzing potential costs, revenues, and risks associated with the expansion.
Government:
1. A government uses economics to analyze the impact of implementing a new tax policy on revenue generation and economic growth.
2. A government uses economics to evaluate the effectiveness of various policies and interventions aimed at reducing unemployment rates in a specific region.