Question

Consumer Purchases

Consider this: Faculty and student parking at the Fairhope campus is limited around the classroom buildings. Hypothetically, would pay to reserve a convenient parking space? If so, how should this be fairly determined?

Note: Consider your economic principles. Remember: this is only a discussion question.

Answer 1

Explanation:

The Economic principle of buyer must give something up to get something is considered in this situation as when student want to get parking for their vehicles they have to give up money. This economic principle tells about situation where person must have to give up something in order to get something. When people want to buy something from the market they need to give up money. Normally when one thing is in short supply you need to give up something to get that thing. Parking space is in short supply and if student want that parking space reserved for them they need to pay money to get that parking spot.