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Explain each of the following consumer terms: (i) priority (ii) monopoly - Junior Cycle Home Economics - Question 11 - 2006
Question 11
Explain each of the following consumer terms: (i) priority (ii) monopoly
Worked Solution & Example Answer:Explain each of the following consumer terms: (i) priority (ii) monopoly - Junior Cycle Home Economics - Question 11 - 2006
Step 1
(i) priority
Answer
A priority refers to something that you consider to be important in your life or decision-making process. Individuals often have different priorities based on their values, needs, or circumstances. For example, some might prioritize financial stability, while others might emphasize family or career.
Step 2
(ii) monopoly
Answer
A monopoly is a market structure characterized by a single provider or seller of a good or service. In a monopoly, the sole provider has significant control over the market and can influence prices and supply. Consumers typically have no alternative options, leading to limited choices and potentially higher prices.