Which term describes the choices that people must make to meet their wants and needs?(1 point) Responses Supply Supply Demand Demand Opportunity Cost Opportunity Cost Producers

Answer 1

The term that describes the choices that people must make to meet their wants and needs is Opportunity Cost.

Answer 2

are you sure

Answer 3

Yes, I am sure. Opportunity cost refers to the value of the next best alternative that is forgone when making a choice. It highlights the trade-offs and decisions individuals face when they allocate their resources to meet their wants and needs. Therefore, in the context of your question, "Opportunity Cost" is indeed the correct term.

Answer 4

is it opportunity cost or demand

Answer 5

While both terms are related to economics, they refer to different concepts.

• Opportunity Cost is the value of the next best alternative that you give up when you make a choice. It emphasizes the trade-off involved in any decision.

• Demand refers to the quantity of a good or service that consumers are willing and able to purchase at various prices.

Given your original question about the choices that people must make to meet their wants and needs, the most appropriate answer is Opportunity Cost.

If you are looking for the term that describes the relationship between consumer willingness and ability to purchase goods and the choices made to meet wants and needs, that would relate more to demand.

However, for the specific wording of your question regarding decision-making and trade-offs, Opportunity Cost is the correct term.