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Unit 1 Economics
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Intro To Economics
Good morning class. Today we will be covering the buying process of a consumer.
Tammy is a consumer looking to buy groceries.
As a consumer, Tammy has wants and needs. Tammy wants to get a new puppy but she is responsible for her needs, which is food.
Tammy decides to buy groceries. When she goes to purchase produce she notices that the price of corn has gone up. A drought has resulted in less corn production, creating a scarcity for corn.
In order to decide whether or not to by corn Tammy must use Cost-Benefit Analysis, weighing the benefits of buying the corn with the cost.
Then Tammy must consider the trade-off that is buying the corn or the cabbage as well as the opportunity cost.
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