Yes, that is correct. The term that describes the choices that people must make to meet their wants and needs is "opportunity cost."
One disadvantage to using a primary source, such as a letter or diary is
that it may lack objectivity or provide a biased perspective.
The term that describes the choices that people must make to meet their wants and needs is opportunity cost.
The term that describes the choices people must make to meet their wants and needs is "opportunity cost." Opportunity cost refers to the alternative options that are given up when making a choice. To understand this concept, individuals need to evaluate the potential benefits or value of all available options and choose the one that provides them the most benefit. By considering the opportunity cost, individuals can make more informed decisions and weigh the trade-offs involved in choosing one option over others.
