Question

What economic concepts do you find valuable or helpful in your day-to-day life as you embrace this 'new normal'?

A) Supply and demand
B) Inflation
C) Opportunity cost
D) Economic growth

Answer 1

Supply and demand, Opportunity cost, and Economic growth are valuable economic concepts in the 'new normal'

Step-by-step explanation:

In the 'new normal', several economic concepts are valuable in our day-to-day lives. Three important concepts are:

1. Supply and demand: Understanding how the availability of goods and services impacts their prices and accessibility can help us make informed decisions.
2. Opportunity cost: Recognizing the value of the best alternative forgone when making choices can aid us in making wise decisions amidst limited resources.
3. Economic growth: Monitoring the overall increase in production and prosperity can help us adapt and plan for the changing economic landscape.