How does opportunity cost affect people's wants and needs?
A.It changes the supply and demand of goods.
B.It requires them to make a choice.
C.It requires them to be producers and consumers.
D.Opportunity cost does not impact wants and needs.
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B. It requires them to make a choice.
Opportunity cost refers to the trade-off and the value of the next best alternative that is forgone when making a choice. When people have both wants and needs, they are often faced with limited resources and must make choices about how to allocate those resources. In this situation, they need to consider the opportunity cost of choosing one want or need over another. For example, if a person wants to buy a new car but also needs to save money for rent, they must make a decision about which option is more important to them. This requires them to make a choice between their wants and needs based on the opportunity cost associated with each option. By choosing one option, they are giving up the opportunity to have the other, and this is how opportunity cost affects people's wants and needs.
To understand how opportunity cost affects people's wants and needs, it is essential to first understand what opportunity cost means. Opportunity cost refers to the benefit that you give up when you choose one option over another. In other words, it is the value of the next best alternative that you forgo when making a decision.
Now, looking at the given options:
A. It changes the supply and demand of goods.
This option is not directly related to how opportunity cost affects people's wants and needs. Instead, it refers to the effect of supply and demand on goods.
B. It requires them to make a choice.
This option correctly explains how opportunity cost affects people's wants and needs. When faced with multiple options or alternatives, individuals must make a choice, considering the trade-offs involved. Choosing one option means giving up the benefits that would have been obtained from choosing another option.
C. It requires them to be producers and consumers.
This option is not directly related to how opportunity cost affects people's wants and needs. It refers to the roles of being both a producer and a consumer, which may be influenced by various factors, including opportunity cost but is not the primary impact.
D. Opportunity cost does not impact wants and needs.
This option is incorrect. Opportunity cost indeed has an impact on people's wants and needs, as it necessitates making choices and considering the trade-offs involved.
Therefore, the correct answer is B. It requires them to make a choice.