How does opportunity cost affect people's wants and needs?
A.It changes the supply and demand of goods.
B.It requires them to make a choice. *****
C.It requires them to be producers and consumers.
D.Opportunity cost does not impact wants and needs.
Please help me out, thanks !
1.B
2.A
3.A
4.C
5.A
cooooooooooooooooRECT! mememememeepVICTORY!
CJ is most likely correct, but sometimes the systems changes the order of the answers. It's better to include the letter, and the words. And no I'm not a Karen, and I'm not causing beef. This potato is Vegan. :]
System* [cough]
1. It requires them to make a choice.
2. It increases
3. A decrease in profit
4. Command economy
5. Money reserved for saving
Okay thanks !!!
CJ is correct!
The correct answer is B. It requires them to make a choice.
Opportunity cost is the concept that when you choose to do or have something, you give up the opportunity to do or have something else. It affects people's wants and needs by forcing them to make choices. For example, let's say you have a limited budget and you want to buy either a new phone or go on a vacation. You can only choose one, and by choosing to buy the phone, you give up the opportunity to go on vacation. In this scenario, the opportunity cost of buying the phone is the vacation you could have taken.
So, opportunity cost influences people's wants and needs by making them consider the trade-offs and make choices based on what they prioritize or value more.