Alfred had a typewriter shop, but he went out of business because no one buys typewriters anymore. Which economic principle does this statement BEST represent? People usually respond to incentives, exploiting opportunities to make themselves better off Choices are necessary because resources are scarce One person's spending is another person's income Markets move toward equilibrium.

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20 January, 08:16

Alfred had a typewriter shop, but he went out of business because no one buys typewriters anymore. Which economic principle does this statement BEST represent? People usually respond to incentives, exploiting opportunities to make themselves better off Choices are necessary because resources are scarce One person's spending is another person's income Markets move toward equilibrium.

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Jordan Miller · Answer 1

One person's spending is another person's income

Explanation:

The economic principle that this statement best represent is one person's spending is another person's income as this refers to the fact that when someone buys a product or service, the money paid represents earnings for the person that owns the business and the employees. In this case, the typewriter shop went out for business because people is not spending money in typewriters and because of that, Alfred doesn't get any income.