Questions and Answers
Which term refers to the act of choosing between different options when resources are limited?
Trade-off
What does scarcity mean in economics?
Not enough resources to satisfy everyone's wants and needs
What is the difference between scarcity and shortage?
Scarcity is the limited availability of resources, shortage is a temporary situation when demand exceeds supply
What is opportunity cost?
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What does trade-off mean in economics?
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According to Maslow's Hierarchy of Needs, which of the following needs is considered the most essential?
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Which level of Maslow's Hierarchy of Needs involves the need for emotional relationships?
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Which two levels of Maslow's Hierarchy of Needs make up the 'basic needs'?
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Which level of Maslow's Hierarchy of Needs includes self-worth, accomplishment, and respect?
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What does self-actualization refer to in Maslow's Hierarchy of Needs?
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