Answered

When you make a choice, the experience from what would have been your second option is called


trade-off

supply

demand

opportunity cost


Question 2 (Multiple Choice Worth 3 points)


Which of the following forces us to make choices?


Scarcity

Trade-offs

Opportunity cost

Money

Verified Answer :

  1. The first one is called opportunity cost.
    2. Not enough to go around. By definition, scarcity means limited resources. In our society it’s nearly impossible to obtain every want due to limits on time, money, and other resources. So we must make choices as to which “wants” are the priority. So scarcity.

Poochymoochy

The first answer explains it all as well but just to be clear,

1. Opportunity Cost.

For example,  you didn't buy the dress, but instead bought a new laptop. The opportunity cost is the amount of time / hours you used the laptop to play games or to do whatever.

2. Scarcity.

Lets say you don't have enough money for some sneakers but you also want to buy something you have enough money for. Would you save or buy the other item?

~Pooch ♥

Related Questions