Answer to Question #247674 in Microeconomics for Spark

Question

assume that you are one among the family how can you utilize the following resources to fulfill your needs
a. Petty shopper
b. Flower vendor

Answer 1

Solution:

If you are from the family of a petty shopper or flower vendor, it means that the income levels are low to completely satisfy all your needs. Therefore, it is vital for appropriate cost-saving measures and budgeting control to be put in place. This will allow you to prioritize which needs are important and which are not, including ranking them accordingly. This will allow you to use your funds efficiently to fulfill your most urgent needs, including saving some funds to use in your future needs.