Meg has exceeded her budget by at least $200 every month for the last three months. After recognizing that this is a problem, she decides to use the rational decision-making model to decide what to do. What should be the next step she should take, if she follows this model? evaluate different ways that she could use to either reduce her expenses or increase her income choose a method to cut her expenses determine what criteria she needs to take into account when making her decision come up with different ways that would either reduce her expenses or increase her income implement some other method of budgeting

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

u = 30

continuing your method

= +

subtract from both sides

= - thus

= -

= ⇒ u = 30

answer; synthetic production system;

answer(d) encourage cooperation by improving the chances of mutually agreeable transactions;