1.1.5 Apex Learning - Study Sheet PDF

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1.1.5 Apex...

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7/12/2021

Apex Learning - Study Sheet

Something that encourages people to

A local bookshop offers coupons that

make a specific economic decision

provide a discount on the purchase of a book.

The decision to attain one thing at the

A consumer buys a lower-quality

cost of losing out on another

shampoo because it is cheaper.

Sample answer: When a product or resource becomes less available, or scarcer, it affects how people make economic decisions. They may pay more for a product than it is worth, for example. If they pay more, the trade-off is that they are unable to use that money to buy something else.

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Apex Learning - Study Sheet

Sample answer: Because Carlos decided to attend the concert, he gave up the option of going to dinner and a movie with his friends. However, with this decision, he also got the rare chance to see his favorite band.

Sample answer: Carlos lost the benefit of having fun with his friends at dinner and a movie, and he also ended up spending more money by buying the concert ticket rather than a movie ticket.

By raising the price of the shoes, she may lose customers. She would have lower profits in the first year.

She would increase the speed of production. She would produce more product, which would lead to greater profit in the future.

Sample answer: If a business wants to provide an additional product or service, it will incur marginal costs, or the costs associated with producing an additional product or service. By calculating how much https://course.apexlearning.com/public/cpop/1001005/3149563

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Apex Learning - Study Sheet

customers are willing to pay for the new product or service, the business owner can determine the marginal benefit. Determining the costs and benefits associated with providing a product or service helps the business owner make economic decisions.

Sample answer: First, the business owner must determine the marginal cost of its product, or the total cost of creating the product. Next, the owner must calculate the total benefit based on the marginal revenue, which is calculated by multiplying the marginal benefit by the quantity. Total profit is then calculated by comparing the total costs and benefits for each quantity of the good or service. By doing a marginal cost analysis, the business owner can find the point at which it can make a profit.

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Apex Learning - Study Sheet

A process used to analyze decisions. Something that is used to encourage people to make certain choices or behave in a certain way. The maximum amount that a consumer will pay for using an additional unit of a product or service. The change in production cost that results from a business producing one additional item. The benefits that are lost when one option is chosen over another. The giving up of one thing to obtain another.

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