How does opportunity cost affect people's wants and needs?
(1 point)
Responses
It changes the supply and demand of goods.
It changes the supply and demand of goods.
It requires them to make a choice.
It requires them to make a choice.
It requires them to be producers and consumers.
It requires them to be producers and consumers.
Opportunity cost does not impact wants and needs.
It requires them to make a choice.
When supply decreases and demand increases, what happens to the price of a good?
(1 point)
Responses
it increases
it increases
it stays the same
it stays the same
it decreases
it decreases
it is unaffected
it increases
increased competition between producers of a good may lead to
reduced prices.
Which type of economic system has the highest level of government control?
(1 point)
Responses
traditional economy
traditional economy
market economy
market economy
command economy
command economy
mixed economy
mixed economy
command economy
Which of the following is a feature of a good budget?
(1 point)
Responses
money reserved for saving
money reserved for saving
income that is less than its expenses
income that is less than its expenses
high use of credit
high use of credit
economic incentives