Economics

Question 1

Scarcity

Answer 1

Condition that occurs because peoples wants and needs are unlimited while the resources needed to produce goods and services to meets these wants and needs are limited

Question 2

Unlimited wants and needs

Answer 2

The human characteristic of never having all wants and needs satisfied

Question 2

Economics

Answer 2

The social science that deals with how society allocates is scarce resources among its unlimited wants and needs

Question 3

Allocation

Answer 3

The process of choosing which needs will be satisfied and how much of our resources we will need to use to satisfy them

Question 3

Limited resources

Answer 3

The condition of there not being enough resources to fulfill all the wants and needs

Question 4

opportunity cost

Answer 4

the value of any alternative that you must give Up when you make a choice

Question 5

Opportunity benefit

Answer 5

What can be gained by making a particular choice

Question 6

Microeconomics

Answer 6

One branch of economics that examines the choices of individuals concerning one product, one firm, or one industry

Question 7

Macroeconomics

Answer 7

One branch of economics that examines the behavior of the whole economy at once

Question 8

Basic questions of economics

Answer 8

What to produce- how to produce- for whom to produce