Question

Please select the economic term that is best described by each statement. People have limited resources. entrepreneurship margins business cycle recession scarcity tradeoffs Everything you do requires giving up something (time, money, etc.). tradeoffs margins scarcity financial capital recession budgeting

Answer 1

Answer:

scarcity

tradeoffs

Explanation:

Humans have unlimited wants and the resources available to satisfy this wants are limited. Thus, humans have to choose the most important wants and give up less important wants.

For example, if you have $20 and you want to buy a textbook , ice-cream or jeans. Each cost $20. If you need the textbook to study for a test, you would choose the book. Here $20 is the scarce resource. jeans and ice cream are what you traded off