Question

The economics study can assist one in order for better decisions to be made. As with majority of the things, the prospect of wise decisions being taken will be greater with the person being informed. It can be learned through economics that things like goods availability, wage, and price affect demand and supply (Lessard, Contandriopoulos & Beaulieu, 2009). If it is known that certain products needed and used in price will be reduced at a specific time in the future, then one can wait for the purchases to be made until that time. For instance, it is known that best sales are experienced by Southwest Airlines in October and in June. Money can be saved in case reservations are made in that three-day period of sale. Purchasing clothes for winter when there is the end of the winter season can cause reduced prices for that clothing type.

Step 1: Collect information

For instance, when it was about selecting a seat on the flight of Southwest, it was required to be aware of whether or not the aircraft was full. This information will permit the individual to make a decision of taking the seat on the aisle or in the middle.

Step 2: Interpret the evidence

All the doubts are assisted in being cleared by the facts being interpreted and assist in the clear making of decisions.

Step 3: View the opportunity

For instance, waiting for a season that is appropriate to purchase an expensive item as items happen to be cheaper in merry or festive seasons.

Reference

Lessard, C., Contandriopoulos, A., & Beaulieu, M. (2009). The role of economic evaluation in the decision-making process of family physicians: design and methods of a qualitative embedded multiple-case study. BMC Family Practice, 10(1). doi: 10.1186/1471-2296-10-15

In 100 words please respond to this post

Answer 1

Step 1

Information collection

For example, consumers may look to purchase AC may comparr various ecommerce websites for competitive prices. It is noted that prices of ACs fall in winters as compared to summers. The lowest price with best value has highest probability of selling.

Step 2

Interpret the evidence

​​​​​​Since demand for AC is more in summer due to higher temperature the consumption will be more and hence prices will rise . As results winter is best time for buying at lowest prices due to least demand.

Step 3

View opportunities

Here individuals must ensure that Comparisons of brands and configuration is already done. The time at which winter sets on prices are ought to get down and individuals must purchase at right time to get maximum benefit.