Question

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Answer 1

Answer:

Learn vocabulary, terms, and more with flashcards, games, and other study tools. ... A conclusion reached after considering alternatives and their results. ... Is the condition of not being able to have all the goods and services one wants. It exists ... (or the value of that alternative) that must be given up when making a choice.Explanation:

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Answer 2

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Scarcity ---> A condition in which the quantity of a resource is limited in comparison to the number of people who want that resource.

Trade-off ---> Giving up one or all alternatives to obtain another.

Opportunity cost ---> The value of the second-best alternative, which is given up when making a choice among alternatives.

Marginal analysis ---> Comparing the additional costs and additional benefits of a choice.

Marginal cost ---> The additional cost of making a change or a choice.