Business

Question

Match each scenario with the economic concept at play.

1.Jamie borrowed $10,000 from the bank. Eventually, the loan payments will total $11,156.

2.Super Soba noodles was doing fine until the arrival of a new brand of noodles, Magic Soba. People stopped buying Super Soba, opting for Magic Soba instead. Gradually, Super Soba had to reduce production as demand decreased.

3.Michael owns a two-story house with a large lawn. He decides to use his house and lawn to run a fitness boot camp

consumer sovereignty

property rights

interest

2 Answer

  • property rights ┬áMichael owns a two-story house with a large lawn. He decides to use his house and lawn to run a fitness boot camp.

    consumer sovereignty Super Soba noodles was doing fine until the arrival of a new brand of noodles, Magic Soba. People stopped buying Super Soba, opting for Magic Soba instead. Gradually, Super Soba had to reduce production as demand decreased.


    interest Jamie borrowed $10,000 from the bank. Eventually, the loan payments will total $11,156.
  • consumer sovereignty --> Super Soba noodles was doing fine until the arrival of a new brand of noodles, Magic Soba. People stopped buying Super Soba, opting for Magic Soba instead. Gradually, Super Soba had to reduce production as demand decreased.


    property rights --> Michael owns a two-story house with a large lawn. He decides to use his house and lawn to run a fitness boot camp.

    interest --> Jamie borrowed $10,000 from the bank. Eventually, the loan payments will total $11,156.
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