Question

Now you need to write an informative paragraph that will help Frankie to understand his options.Create an outline that identifies at least three economic strategies that Frankie should use when making his decision.

Answer 1

This is an outline for the decisions that Frankie is going to make

• Opportunity Cost
• Willingness to buy
• Price or quality

Of course, there could be many economic strategies that should be considered important while making decision. Opportunity cost is the foremost significant factor while considering any economic option. When you buy something, you should know how much you are forgoing for this product. Indeed, you could buy something different with this measure if you changed your mind. Willingness to buy shows how much surplus you are earning while making a decision. It is important because it shows you buy what you want or you buy because you have only limited amount of money. The price or quality can be considered as a general economic option that we are applying while buying something. When you buy something, price or quality could be one of the options. Indeed, they define the characteristics of the product.    

Answer 2

Answer:

Sample response:

Strategies for Frankie to consider

1.) Needs and wants

    A.) Whether Frankie needs new shoes

2.) Opportunity cost

    A.) Purchases and savings Frankie must give up if he buys new shoes

3.) Short-term and long-term goals

    A.) Whether Frankie needs shoes now, or can plan to buy shoes in the future

Explanation:

On Edge