Frankie has a strict weekly budget and has only enough money this week to make one large purchase. Before he saw the condition of his old basketball shoes, he was planning to purchase a new winter coat that he saved for over several weeks. Now, Frankie must choose if he is going to purchase the new shoes and wear his older winter coat, or vice versa. In this scenario, Frankie must consider whether making one choice will force him to give up another. Based on what you have read, which economic concept is Frankie faced with? needs vs. wants opportunity cost risk and return goal setting
