Mang. Econ C1

Scarcity is an economical concept where

• society will NEVER have enough resources to produce the goods and services to satisfy all people's desires

• society has enough resources to produce the goods and services to satisfy all people's needs

• society may have enough resources to produce the goods and services to meet all people's needs FOR NOW

• society needs to find other means of resources to produce the goods and services to meet all of people's desires

Scarcity happens because

• people's desires are unlimited

• people's desires are subjective/not easily understandable and industries waste too much time and resources trying to justify them

• people did not use resources wisely

Economics is​ the study of how ​a) ... manages ​b) ... to fulfill ​c) ...

• a) society

  b) its scarce resources

  b) people's unlimited needs

• a) an organization

  b) its operational orders

  c) consumers' desires

• a) individuals

  b) resources

  c) people's needs

Trade-off means

• giving up one thing for another thing of equal value

• presenting new bonds on the primary bond markets

• trading a stock for a bond

Highest-valued alternate option that must be given up to get something is

there are ... principles of economics

people make decisions by comparing costs and benefits is economically called

In economics it is always assumed that a)............... and b)

• a) rational behavior will lead to the best possibly market outcome

  b) both consumers and producers behave

  rationally

• a) both consumers and producers behave

  rationally

  b) rational behavior will lead to the best possibly market outcome

• a) rational people think at the margin

  b) both consumers and producers behave

  rationally

• a) rational behavior will lead to the best possibly market outcome

  b) rational people think at the margin

• a) both consumers and producers behave

  rationally

  b) rational people think at the margin

Society utilizing its scarce resources to their best potential is called (a) ... while distributing the advantages from the utilization fairly among members of society is called​ ​ (b) ...

• a) efficiency

  b) equity

• a) equity

  b) efficiency

small adjustments to a plan is called: