Owen had a typewriter shop, but he went out of business because no one buys typewriters anymore. This statement best represents this economic concept:
A)Resources are scarce.
B)People usually exploit opportunities to make themselves better off.
C)Markets move toward equilibrium.
D)One person's spending is another person's income.

Question

Quizplus · Accepted Answer

The statement reflects the concept that changes in consumer preferences (like not buying typewriters) can lead to a decrease in income for businesses that rely on those sales, illustrating how interconnected spending and income are in an economy.

Owen Had a Typewriter Shop, but He Went Out of Business