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XECO 212 Week 1 CheckPoint A New House Readiness

XECO 212 Week 1 CheckPoint A New House Readiness -...

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CheckPoint: A New House—Readiness CheckPoint: A New House—Readiness XECO/212 Gregory Mann Axia College
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CheckPoint: A New House—Readiness When making a decision to purchase a new house, one of the economic principles which one must consider will be that people face tradeoffs. If one decides to purchase a new house, he or she will need to give up alternatives such as a holiday, new car or new computer which the same amount of money can purchase. In this case, the decision maker will need to weigh the priorities. For example, purchasing a new house may make travelling to school and local services more convenient, however it will require one to give up the purchase of a new car which makes travelling to work more inconvenient. Depending on what the decision maker feels is more important, he or she will decide for or against the decision to purchase the house. One of the principles of economics states that trade can make everyone better off.
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