Question

1) Describe the good or service that you bought. What was it? Was it a good or service? Was it a need or want?

2) List other products that you were considering spending your money on, or mention items that you could have bought for about the same price. Then, circle the item that is your best alternative (second choice).

3) List the costs of choosing the good or service that you purchased. Include the retail price, opportunity cost, and trade-offs.

4) Then, list the benefits of choosing the good or service. Include rewards from this purchase. Did advertising or peer pressure play a role in forming your rewards? For example, did you think that buying the product would make you fit in better with friends or turn you into a celebrity?

5) Describe why the benefits outweighed the costs. Which rewards were most important in encouraging you to buy the product? Why did you think that these incentives would make you better off?

6) Finally, will your purchase affect any future decisions? For example, were you so happy with your purchase that you would buy the same brand again? Or were you so disappointed with the price of your purchase that you would comparative shop next time?

Answer 1

I bought goods. I bought vegetables,fruits and chicken.
I wanted to spend money on bananas to make milk shake. But i didn't have enough money. So i bought mangoes instead. they served the same purpose.
Bananas would have cost me 3$. But I got the mangoes in 2$. Opportunity cost is the cost of Getting one extra unit at the expense of the other. In this case,opportunity cost is the cost of bananas.
I have purchased chicken that i will use to make sandwiches. that way i can save money and not be worried about the hygiene of the market sandwiches. Bananas were a bit expensive but i got the next best thing. mangoes. i can make milkshake now for less cost. No pressure. the only pressure was of the money i had. No i do not. i bought the products to keep healthy and save money.
Because the cost is less compared to the milkshake or the sandwich that i would have bought from the market. And i also have no worries of the hygiene. i can eat without worry.
I will. I was able to save the cost and obtain more advantages from my purchase. and the price was good. I am surely buying the same products again