Which of the following forces us to make choices? scarcity trade-offs opportunity cost money
The answer is scarcity
A. 100 % correct i just did the test
This should help you.
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.
Opportunity cost is known to be the benefit an individual would have enjoyed if he or she had done not something else. It is the sacrifice made in choosing between two options when taking decision. For example: choosing between doing homework or watching a programme on television. Thus, if an individual decide to do the homework, watching a programme on television is the alternative forgone which is the opportunity cost.
your answer would be opportunity costs
Explanation: because i had the quiz earliy this morning
1. You would have to decrease the price to try and influence the sales to be higher ones again by making the product cheaper
2. Trade-offs force you to decide whether or not you want the other item someone else has badly enough, that you would be willing to sacrifice something else you have (that you still really like)
Hope this helps!!
Have a great rest of your day 🙂
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.
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?