Question

Now, use your paragraph to inform Frankie about his options. 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.

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 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. 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 that will be used in this case are explained below:

• Need/Want: A need is a good or service that's needed by an economic agent such as an individual to survive. Examples of needs are clothes, shelter, food etc.

• On the other hand, wants represents the goods that we desire as individuals but can live without them. Examples of wants are phones, cars, bicycles etc.

• Regarding the question, Frankie should analyze properly if the pair of shoes are either a need or a want. If he considers the shoes to be a need, then he should buy them as they are important. If they're want, then it's not compulsory that he buys the shoes.

• Opportunity cost: Also, he should consider the opportunity cost of buying the shoes. In this case, he should properly analyze the trade off and know of he could spend the money that he'll use in buying the shoes on something that's more beneficial to him than the shoes.

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