Economic decision making quick check
Number one what is the definition of a benefit
Number to a city consul it has 100,000 to spend on city improvements to counsel may choose to spend this money on buying two new firetrucks or updating for local parks which of the following is a trade off of choosing to spend the money on for local parks
Number three you have limited money with which to buy lunch while out with friends what is the most likely short term consequence of choosing to spend all of the money on a pack of cookies in the morning
Number for Devon and Mami are both shopping for a new home Devon has a high paying job but needs a home equipped for a person in wheelchair many has a low paying job and would like to live in a very specific neighborhood nearest friends use the passage to answer the question from the information and passage why my Devon and Mami select different homes select two correct answers
Number one: The definition of a benefit is something that is gained or received as a result of an action or decision.
To determine the definition of a benefit, you can consult a dictionary or an economics textbook. Additionally, you can use online resources such as Merriam-Webster or Investopedia to find the definition.
Number two: The trade-off of choosing to spend the money on local parks is that the city council will not be able to buy two new firetrucks. A trade-off refers to the sacrifice or alternative given up when making a decision.
To identify the trade-off in this scenario, you can carefully analyze the choices presented. By choosing to spend the money on local parks, the city council is forgoing the opportunity to purchase two new firetrucks.
Number three: The most likely short-term consequence of choosing to spend all the money on a pack of cookies in the morning is not having enough money to buy lunch with friends. This would result in going hungry or relying on others for food.
To determine the most likely consequence, you can think logically about the situation. If you spend all your money on cookies, you won't have any money left to buy lunch. This could lead to not having enough food for yourself during the outing.
Number four: Devon and Mami may select different homes due to their specific needs and preferences. Devon, who requires a wheelchair-accessible home, would prioritize finding a home that meets those requirements. Mami, on the other hand, prioritizes living in a specific neighborhood closest to friends.
To understand why Devon and Mami may select different homes, you can refer to the passage. Devon's high paying job and need for a wheelchair-accessible home would guide their decision, while Mami's low paying job and desire to live near friends would influence their choice. By considering these factors, you can identify why they may select different homes.