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Questions and Answers
Which term refers to the study of how people make choices to satisfy their needs and wants using limited resources?
Which term refers to the study of how people make choices to satisfy their needs and wants using limited resources?
- Unlimited Wants
- Economics (correct)
- Resource Allocation
- Economic Goods
What is the term for a task that you pay other people to perform for you?
What is the term for a task that you pay other people to perform for you?
- Scarcity
- Economic Goods
- Service (correct)
- Opportunity Cost
What do wants refer to?
What do wants refer to?
- Things that are necessary for survival
- The decision-making process for individuals, businesses, and societies
- Desires or preferences for specific ways of satisfying a basic need (correct)
- Specific ways of satisfying a basic need
What is the term for the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives?
What is the term for the decision-making process for individuals, businesses, and societies when faced with limited resources and multiple alternatives?
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What is the term for the value of the next best alternative sacrificed when choosing a choice?
What is the term for the value of the next best alternative sacrificed when choosing a choice?
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