Question

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

Answer 1

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 ♥

Answer 2

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.