📚 Learning Guide
Microeconomics of Daily Decisions
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Maria has $50 to spend at a theme park for the day. She has to decide between buying a fast pass for rides, purchasing food, or saving part of her budget for souvenirs. Given that each option offers different levels of enjoyment and satisfaction, how should Maria apply the principle of trade-offs in her decision-making process?

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Choose the Best Answer

A

She should prioritize buying the fast pass to maximize her ride enjoyment, as rides are the main attraction.

B

She should buy food first because it's necessary for survival, regardless of her budget.

C

She can purchase all three items if she budgets her spending equally, as scarcity doesn't apply to her situation.

D

She should analyze how much enjoyment each option provides and allocate her budget accordingly, accepting that choosing one option means sacrificing the others.

Understanding the Answer

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Answer

Maria should consider the principle of trade-offs when deciding how to spend her $50 at the theme park. This means she needs to think about what she values most and what she is willing to give up to gain that experience. For example, if she chooses to buy a fast pass, she might enjoy more rides without long waits but may have less money for food or souvenirs. On the other hand, if she spends more on food, she might miss out on fewer rides but enjoy a tasty meal. By weighing her options and considering what will make her day the most enjoyable, Maria can make a thoughtful decision that balances her desires and budget.

Detailed Explanation

Maria should think about how much fun each choice gives her. Other options are incorrect because This answer suggests that rides are the only important thing; This option says food is the only priority.

Key Concepts

Trade-offs
Scarcity
Opportunity Cost
Topic

Microeconomics of Daily Decisions

Difficulty

medium level question

Cognitive Level

understand

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