The term scarcity means that
society has a limited amount of resources
fear determines what people will purchase
businesses succeed if they use high prices
people cannot have everything they want
Still Need Help?
Join the QuestionCove community and study together with friends!
When you make a choice, the experience from what would have been your second option is called
trade-off
supply
demand
opportunity cost
OpenStudy (anonymous):
There you go! :)
Still Need Help?
Join the QuestionCove community and study together with friends!
Sign Up
OpenStudy (anonymous):
Trade-off
OpenStudy (anonymous):
Thanks angel can you help with some more?
OpenStudy (anonymous):
@angel12310
OpenStudy (anonymous):
You can either go to a movie or go bowling. If you choose the movie,
you will spend far more on the movie then you would on bowling
you will have made the choice that has the most benefit
your opportunity cost is the amount of money you pay for the movie
your opportunity cost is the time and experience of bowling
OpenStudy (anonymous):
What do you think?
Still Need Help?
Join the QuestionCove community and study together with friends!