ECONOMICS
CONSUMERS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Since you cannot have everything you want, you have to make choices from a list of:
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Trade off
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Alternatives
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Choices
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Scarcity
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Explanation:
Detailed explanation-1: -The most desirable alternative given up as a result of a decision is known as opportunity cost.
Detailed explanation-2: -Opportunity cost is the value of the next best alternative forgone as a result of making a decision.
Detailed explanation-3: -Economics is the study of how people seek to satisfy their needs and wants by making choices.
Detailed explanation-4: -Trade-offs are the alternatives people give up when they make choices. Trade-offs CREATE opportunity costs. Opportunity cost is the “value” of something that is given up to get something else they wanted. In other words, it is the next-best alternative.
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