Question

why does scarcity exist? *
voluntary trade has benefits for both parties.
resources are limited, but people’s wants are unlimited.
the factors of production are endless.
people are motivated by incentives.

“people’s choices influence the price of goods and services.” this principle suggests that prices are set by * 1 point
producers (sellers) only.
consumers (buyers) only
producers and consumers.
government only.

Explanation:

Scarcity exists because resources like land, labor, and capital are limited while human desires for goods and services are unlimited. In a market - based system, the choices of both producers (who supply goods and services) and consumers (who demand them) influence prices. Producers consider costs and potential profit while consumers consider their willingness and ability to pay.

Answer:

For the first question: Resources are limited, but people’s wants are unlimited.
For the second question: Producers and consumers.