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What Are Trade-Offs That People Face

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1. What are some of the financial decisions that people face? What are trade-offs? What are some of the trade-offs that you may face? People face many financial decisions they could face financial decisions regarding education, what kind of car they have, what kind of house they buy, or even which brand of food that they buy. Trade-offs occur when constraints such as budget or time force us to give up one thing in order to get something else. I may face trade-offs when it comes to college education, if they want to go to a school far away and spend more or it they want to go to a school close to home and spend less. I may also face trade-offs when it comes to sports and theatre. If I’m able to do both or if I may have to give one up to do something else. …show more content…

Why do governments intercede in the market? Governments intercede with the market because they want education and many other thing accessible to every person. Better education systems will help students as they become adults because they will make more informed decision about their career, politics, and cars or houses. These all help our government improve, because they are voting and paying taxes to support the government. 8. What explains the difference between richer and poorer countries? How does a government promote this? Countries that are still in the process of developing are generally poorer and their workers make much less than minimum wage. Countries that are developed like the US are richer and they have programs to help the less fortunate to lessen the amount of people in poverty. Income in developed countries determines the standard of living. 9. Why do prices rise when the government prints too much money? The price will raise when a government prints too much money, because the money loses some its value. To make up this loss of money the government or even businesses will raise prices. This is called inflation in the economic world. 10. How does the economy affect your personal

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