Buying Goods and Services
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Discuss that whenever people buy something, they incur an opportunity cost. Opportunity cost is the value of the next best alternative that is given up when a person makes a choice.
Explain that people make choices about what goods and services they buy because they can’t have everything they want. This requires individuals to prioritize their wants.
Explain that costs are things that a decision maker gives up; benefits are things that a decision maker gains. Make an informed decision by comparing the costs and benefits of spending alternatives.
Identify some of the ways that people spend a portion of their income on goods and services in order to increase their personal satisfaction or happiness.
Explain that economic wants are desires that can be satisfied by consuming a good, a service, or a leisure activity.