cecilia has studied economics and knows about the value and investment potential of diamonds. the price of…

cecilia has studied economics and knows about the value and investment potential of diamonds. the price of diamonds has recently decreased, and a new diamond mine has opened nearby. cecilia decides to buy a diamond necklace while the prices are lower.\nhow did cecilias knowledge of economics help her make a savvy commodity purchase?\no she knew that diamonds are popular and in high demand.\no she knew that diamonds are a nonrenewable resource, making them scarce.\no she knew that the cost of diamonds depends only on the demand.\no she knew that the purchase of diamonds will satisfy wants and needs.

cecilia has studied economics and knows about the value and investment potential of diamonds. the price of diamonds has recently decreased, and a new diamond mine has opened nearby. cecilia decides to buy a diamond necklace while the prices are lower.\nhow did cecilias knowledge of economics help her make a savvy commodity purchase?\no she knew that diamonds are popular and in high demand.\no she knew that diamonds are a nonrenewable resource, making them scarce.\no she knew that the cost of diamonds depends only on the demand.\no she knew that the purchase of diamonds will satisfy wants and needs.

Answer

Brief Explanations:

Economics studies how people make decisions regarding resources. The opening of a new mine increases supply, which along with the price - decrease, indicates a market situation where buying can be a good decision. Knowing diamonds are non - renewable and scarce helps in understanding long - term value. Popularity and high demand don't directly explain the timing of the purchase. Cost depends on both supply and demand, not just demand. Satisfaction of wants and needs is a general consumption concept, not specific to the economic decision here.

Answer:

She knew that diamonds are a nonrenewable resource, making them scarce.