Question

In this paragraph, describe the economic concepts that you used in your outline. Explain how each of these concepts will help Frankie to make a decision.

Answer 1

Frankie should consider several strategies before buying a new pair of shoes. First, he should think about whether these shoes are a need or a want. Next, he should consider opportunity cost. If he buys the shoes, how else could he have spent that money? Could he have made better use of his resources? Finally, he must consider the issue of setting goals. He must identify whether this is a goal to accomplish now or in the future.

Answer 2

The economic concepts to help Frankie make a decision should be based on the best strategy for him to use his resources effectively to buy a new pair of shoes.

Opportunity cost

It refers to an economic theory used when it is necessary to make a choice, that is, the value for which you will give up when choosing an option.

Therefore, Frankie must analyze his needs, goals and economic objectives to make the best decision, choosing the opportunity cost that will bring him the best economic benefit in exchange for a lower cost.

Find out more information about opportunity cost here:

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