Question
Question 2 Match the definition to the correct vocabulary term. opportunity cost scarcity bshortage community tradeoff a. the best possible alter- native given up when making a choice b. there is not enough of a product or service be- cause the suppliers can- not or do not want to provide it c. all of the alternatives you give up when you make a choice d. unlimited human wants and needs in an envi- ronment with limited resources
Answer
3.4
(193 Votes)
Adele
Veteran · Tutor for 10 years
Answer
1. Opportunity cost: a. the best possible alternative given up when making a choice2. Scarcity: d. unlimited human wants and needs in an environment with limited resources3. Shortage: b. there is not enough of a product or service because the suppliers cannot or do not want to provide it4. Tradeoff: c. all of the alternatives you give up when you make a choice
Explanation
1. Opportunity cost refers to the best possible alternative given up when making a choice. This aligns with definition (a).2. Scarcity describes the situation where unlimited human wants and needs exist in an environment with limited resources. This matches definition (d).3. Shortage occurs when there is not enough of a product or service because the suppliers cannot or do not want to provide it. This corresponds to definition (b).4. Tradeoff involves all of the alternatives you give up when you make a choice. This fits definition (c).