Question

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

Answer 1

The term that describes the choices people make to meet their wants and needs is "opportunity cost." This concept reflects the idea that in order to choose one option, an individual must forego others, thus highlighting the trade-offs involved in decision-making. In a broader sense, the term "economic decision-making" or simply "choices" can also apply to this concept.