In trying to explain psychological phenomena, people cannot rely solely on their common sense because they tend to think they know more than they actually do. this error in thinking is referred to as

countries such as spain, france and portugal colonized the region. although most of latin america was colonized by spain, the countries of portugal and france also had major influences on the region. due to war and disease, native populations were decimated.

this is an outline for the decisions that frankie is going to make

opportunity cost

willingness to buy

price or quality

of course, there could be many economic strategies that should be considered important while making decision. opportunity cost is the foremost significant factor while considering any economic option. when you buy something, you should know how much you are forgoing for this product. indeed, you could buy something different with this measure if you changed your mind. willingness to buy shows how much surplus you are earning while making a decision. it is important because it shows you buy what you want or you buy because you have only limited amount of money. the price or quality can be considered as a general economic option that we are applying while buying something. when you buy something, price or quality could be one of the options. indeed, they define the characteristics of the product.    

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