Question

Which term describes the choices that people must make to meet their wants and needs?

A.
supply

B.
demand

C.
opportunity cost

D.
producers

Answer 1

opportunity cost

Answer 2

THANK YOU SO MUCH YOUR A LIFE SAVER I ALMOST FAILED IT :)

Answer 3

Thanks I needed that to boost my grade!

Answer 4

Thank you

Answer 5

Thank you. I really needed it!

Answer 6

Thank you soooooooo much!!!!

Answer 7

Thank you!

Answer 8

thank you it is opportunity cost so choose that answer and you get it right!

Answer 9

thanks

Answer 10

[AI-generated answer — Explain Bot]

The term that describes the choices that people must make to meet their wants and needs is "C. opportunity cost."

Opportunity cost refers to the value of the next best alternative that you give up whenever you make a decision. In other words, when you make a choice, you are also giving up the opportunity to choose something else.

To understand why opportunity cost relates to the choices people make to meet their wants and needs, let's look at an example:

Imagine you have a limited amount of money and you need to decide whether to spend it on buying a new video game or going out to dinner. If you choose to buy the video game, the opportunity cost would be the dinner you could have had instead. On the other hand, if you choose to go out to dinner, the opportunity cost would be the video game you could have purchased. In this situation, the choices you make are influenced by the opportunity cost associated with each option.

So, when people have wants and needs, they have to make choices based on the opportunity cost, considering the alternatives they are giving up in the process.