Answer:
larger long-term credit or loan costs
less preparation for emergencies
increased long-term challenges
Explanation:
Personal finance involves planning and managing individual or family financial activities such as income generation, saving, spending, insurance, and investments. The process of managing personal finance is through budgeting and the development of a financial plan.
Personal finance can be done by oneself or with the help of a personal financial manager. The objective is to help one meet both their short term and long term financial goals. Personal finance planning assists one meet expected future expenditures such as retirement while preparing them for unforeseen emergencies.
In introducing the opportunity cost of time into the theory of consumer behavior, we find that, all else equal one should consume less of time-intensive goods.
Opportunity cost of time is actual cost of the time lost in performing one activity instead of another. In other words it is the loss of the time done in choosing an opportunity between the two.
One should consume less time intensive goods because it will save more time.
Theory of consumer behavior is the study of how the people decide to spend their money in the given choices to them according to the budget constraints and individual preferences.
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Answer and Explanation:
Answer and explanation attached
One thing that is not required for adverse possession is confrontation with the owner.
<h3>What is adverse possession?</h3>
Adverse possession refers to the way a person staying on a piece of land, can get the title to that piece of land from the owner by law. But they will need to meet certain requirements for them to be able to do so.
Some of these requirements include:
- a claim of right or color of title
- open and notorious use
- hostile to the true owner's title
- pay taxes
This means that for one to perform an adverse possession, there is no need for a confrontation with the owner of the land. One can simply get this done with the Courts.
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Goods that are a necessity are typically inelastic, meaning that a change in price is unlikely to impact demand. If the price of gasoline rises, for example, the demand doesn't change all that much since people need to use their cars to get to work.
