Sandy uses online banking, and her bank charges her $4.99 per month. However, she has seen ads for a competing bank offering free online banking services. She'd like to switch, but she realized that it might be difficult to do because she has several of her bill payments set up as automatic debits. The cost of changing to another bank represents Sandy's .

Switching cost.

Explanation:

In Microeconomics, Switching cost can be defined as the cost that a consumer or service taker incurs from having to switch service provider, supplier, product or brand to another. It is also known as switching barriers, which basically involves the cost associated with changing of brand or service provider.

Hence, the cost of changing to another bank represents Sandy's Switching Cost.

b. Switching cost

Explanation:

The cost of Sandy changing to another bank represents Sandy's switching cost.

Switching cost refers to the cost incurred by a customer as a result of changing brands or produce.

An individual or Customer can decide to change brands, product or suppliers at a particular time due to a number of reasons. The cost of that change is called switching cost.

Customers usually switch product if it is discovered that the new product has more benefits than the previous product.

The cost of switching can be

• Time costs: The cost of time Sandy used to change to another bank.

•Effort-based cost: The effort Sandy directed to changing her bank.

• Psychological cost: This is the is the cost of determining whether the new bank will be better than the former bank.

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

if it is for a job, then you should learn everything you can about the job, like what does it involve, what qualification is required and how you are the right person for that job. dress appropriately for the interview. get plenty of rest the night before. good luck!