Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 1 - Part I - Ten Principles of Economics - Questions for Review: 1

Answer

Answers will vary, but possible answers include: * Trade off between studying for an exam and getting extra sleep * Trade off between working and enjoying leisure time * Trade off between spending money at the current moment and saving money for purchases in the future.

Work Step by Step

Students can consider any scenario where an individual is considering two options and there is a trade off between the two, that is, choosing to devote more time or money to option A means that less time or money can go towards option B. An example given in the textbook is the trade off between purchasing essentials such as soon and clothing, compared to saving for a vacation.
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