Question

Part 1: Economists are fond of saying "there is no such thing as a free lunch." From an economist's perspective, in at least two well-developed paragraphs, explain what this statement means. Be sure to explain how situations like this include choices and trade-offs, and include an example. Part 2: From a consumer's perspective, in at least one well-developed paragraph, describe how consumer rights can be overlooked.

Answer 1

P1- The words " There is no such thing as free lunch" isn't about money. It is about time and what you could have done instead. For example, there is free ice-cream on the road, they give it to everyone. You could have eaten a hot steak with mashed potatoes instead. So that is what it means if there is no such thing as free lunch, you will lose the opportunity what you can do then and time.

p2-A consumer has amazing rights. They can return the product if they don't like it. If they like it they can rate it good and more people will buy it, but if they rate it bad others won't want to buy it due to the rating. So due to this, a consumer had the amazing right.

Answer 2

what they were trying to say was just simply nothing in this world that you can get is free. there's always a trade that's gonna happen. you pay for everything. that's why the society is encouraging us to work hard, because you always have to give in order for you to receive.