Question

1. Cite an example on how you can use economics in real situation​

Answer 1

Answer:

Example 1 – Opportunity Costs

Opportunity costs refer to the benefits of an individual or a business loses out when it chooses another alternative. Usually, not all options are considered while making a decision and hence, various opportunity costs are missed or overlooked.

Explanation:

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Answer 2

Answer:

Example 1 – Opportunity Costs. Opportunity costs refer to the benefits of an individual or a business loses out when it chooses another alternative. ...

Example 2 – Sunk Cost. ...

Example 3 – The Trade War. ...

Example 4 – Supply and Demand: