Asked by
Esthela Nieto
on Dec 05, 2024
Verified
Owen had a typewriter shop,but he went out of business because no one buys typewriters anymore.Which economic principle does this statement BEST represent?
A) Choices are necessary because resources are scarce.
B) People usually respond to incentives,exploiting opportunities to make themselves better off.
C) Markets move toward equilibrium.
D) One person's spending is another person's income.
Typewriter Shop
A retail outlet specializing in the sale, repair, and maintenance of typewriters.
Market Equilibrium
The point at which the supply of goods matches demand, causing stable prices.
Incentives
Factors or rewards that motivate individuals or organizations to perform an action or behave in a certain way.
- Understand the importance of personal decisions in the effective distribution of resources.
Verified Answer
UW
Learning Objectives
- Understand the importance of personal decisions in the effective distribution of resources.
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