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School band members need to raise money for new uniforms
School band members need to raise money for new uniforms. Some members want to sell energy drinks at a football game, but others want to organize a car wash in the school parking lot. Based on economics, what would be most influential in making the decision?
a. the labor needed,
b. the consumer demand,
c. the capital needed,
d. the value of the resources.
Expert Solution
The correct answer is Option d. the value of the resources.
Take note that the study of economics is anchored on the insatiable wants of the consumer given that there is a limited, scarce resource. Accordingly, the reason we are exposed to the three primary questions of economics - what to produce, how to produce, and for whom it will be produce is because we only have limited resources, hence, it is significant to consider the value of the resources in making economic decisions.
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