Podcast
Questions and Answers
Which term refers to a person's desires or preferences for specific ways of satisfying a basic need?
Which term refers to a person's desires or preferences for specific ways of satisfying a basic need?
What is the study of how people make choices to satisfy their needs and wants using limited resources?
What is the study of how people make choices to satisfy their needs and wants using limited resources?
What is the value of the next best alternative sacrificed when choosing a particular option called?
What is the value of the next best alternative sacrificed when choosing a particular option called?
What is the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives called?
What is the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives called?
Signup and view all the answers
What is the term used to describe a shortage where the demand for a good or service is greater than its availability?
What is the term used to describe a shortage where the demand for a good or service is greater than its availability?
Signup and view all the answers
