Suppose a consumer is trying to decide how much to spend on food and how much to spend on all other (non-food) consumption. the economic model of consumer behavior predicts that the consumer will a. consume as much food and as much non-food consumption as she wants. b. consume any combination of food and non-food consumption from among the combinations of food and non-food items she can afford. c. consume as much food as she can afford without any non-food consumption. d. choose the combination of food and non-food consumption that makes her as well off as possible from among the combinations of food and non-food items she can afford. e. consume an infinite amount of food and non-food consumption.

answer; i believe the correct answer is (form utility); good luck

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer; /// the above statement is (false);